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[...] Although we see significant scope for FT to cut costs and deliver a compelling yield and even though the CEO has strong track record execution, the government role in giving FT the flexibility it requires is pivotal. [EU] («We continue to view FT's risk/reward profile as unattractive pending the outcome of a strategy review.

Auszug aus "International Postal Entities: Influence of government support on ratings", Standard and Poor's, 22 novembre 2004: "Unlike the credit quality of companies that operate in a commercial manner at arm's length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste's robust credit quality is its extremely strong State support. [EU] Extracto de «International Postal Entities: Influence of government support on ratings», Standard & Poor's, 22 de noviembre de 2004: «Unlike the credit quality of companies that operate in a commercial manner at arm's length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste's robust credit quality is its extremely strong State support.

Cionlli Bicycle (Taicang) Co. Ltd., Shunde Hongli Bicycle Parts Co. Ltd., Safe Strong Bicycle Parts Shenzhen Co. Ltd. und Cionlli Bicycle Components (Tianjin) Co. Ltd. [EU] Cionlli Bicycle (Taicang) Co. Ltd, Shunde Hongli Bicycle Parts Co. Ltd, Safe Strong Bicycle Parts Shenzhen Co. Ltd y Cionlli Bicycle Components (Tianjin) Co. Ltd

Cionlli Bicycle (Taicang) Co. Ltd, Shunde Hongli Bicycle Parts Co. Ltd und Safe Strong Bicycle Parts Shenzhen Co. Ltd [EU] Cionlli Bicycle (Taicang) Co. Ltd, Shunde Hongli Bicycle Parts Co. Ltd y Safe Strong Bicycle Parts Shenzhen Co. Ltd

das starkpositive OIE-ELISA-Standardserum (strong-positive OIE ELISA Standard Serum - OIEELISASPSS) [EU] el suero estándar fuertemente positivo de la OIE para ELISA

Denn den französischen Behörden zufolge ist unter "strong shareholder backing" nicht eine dem Recht der Union zuwiderlaufende finanzielle Unterstützung zu verstehen, sondern das Interesse, das der Staat unter "At arm's length"-Bedingungen an der Entwicklung von La Poste hat. [EU] En efecto, según las autoridades francesas, por «strong shareholder backing» no hay que entender una ayuda financiera contraria al Derecho de la Unión, sino el interés prestado al desarrollo de La Poste por el Estado en condiciones «at arm's length» (en condiciones de autonomía).

Die beiden von Standard and Poor's zur Stützung des Ratings genannten Faktoren, d. h. die wirtschaftliche Bedeutung der öffentlichen Aufgaben von La Poste und das "strong shareholder backing" hätten nichts mit dem Status von La Poste zu tun. [EU] Los dos elementos mencionados por Standard & Poor's en apoyo de la calificación, a saber, la importancia económica de las misiones de servicio público de La Poste y el «strong shareholder backing» (fuerte apoyo del accionista), serían elementos distintivos del estatuto de La Poste.

Die französischen Behörden weisen weiter darauf hin, dass S & P das Rating in ihrer Meldung vom 3. April 2007 über La Poste mit der wirtschaftlichen Bedeutung der öffentlichen Aufgaben und dem "strong shareholding backing" und nicht mit dem Status begründet habe. [EU] Destacan también que la nota de S & P de 3 de abril de 2007 sobre La Poste establece que los dos elementos mencionados por S & P en apoyo de la calificación son la importancia económica de las misiones de servicio público y el «strong shareholding backing» (fuerte apoyo de los accionistas), y no el estatuto.

(Hervorhebung hinzugefügt); (iv) - im Abschnitt "risks/weaknesses"- folgende Tatsache: "das mit der beträchtlichen Verschuldung von France Télécom verbundene finanzielle Risiko steht nicht im Einklang mit einer 'Investment Grade'-Einstufung (was durch die gute operative Performance und die implizite Unterstützung der französischen Regierung kompensiert wird) ". ( "the financial risk of the highly leveraged FT is not commensurate with investment grade (compensated by strong operational performance/implicit support of French government)".) [EU] (el subrayado es nuestro); (iv) - en la sección «risks/weaknesses section» - el hecho de que: «el riesgo financiero vinculado al considerable endeudamiento de France Télécom no corresponde a su calidad de inversión (la cual queda compensada por sus buenos resultados operativos y por el apoyo implícito del Gobierno francés». ( 'the financial risk of the highly leveraged FT is not commensurate with investment grade (compensated by strong operational performance/implicit support of French government)'.)

Im Hinblick hierauf bestreitet die Kommission die Auffassung der französischen Behörden, der von S & P in der Meldung vom 3. April 2007 angeführte "strong shareholder backing" habe nichts mit dem öffentlich-rechtlichen Status und der Bürgschaft zu tun. [EU] A este respecto, la Comisión impugna el análisis de las autoridades francesas según el cual el «strong shareholder backing» mencionado por S & P en su nota de 3 de abril de 2007 sería distinto de la cuestión del estatuto público y la garantía.

this);">In the meantime, liquidity risk remains and in our view, a right issue is a matter of when not if. The government's role will again be pivotal in refinancing and reducing this debt. [EU] [...] Although we see significant scope for FT to cut costs and deliver a compelling yield and even though the CEO has strong track record execution, the government role in giving FT the flexibility it requires is pivotal.

'Moody's have taken increased comfort from the governments statement, which once again confirmed their strong support for FT. Whilst Moody's concerns regarding the overall level of financial risk and particularly FT's weak liquidity position remain, Moody's has grown more comfortable with expectation that the French government will act in a supportive manner, if FT started to encounter difficulties with its debt repayment schedule'.) (Hervorhebung hinzugefügt) [EU] 'Moody's have taken increased comfort from the governments statement, which once again confirmed their strong support for FT. Whilst Moody's concerns regarding the overall level of financial risk and particularly FT's weak liquidity position remain, Moody's has grown more comfortable with expectation that the French government will act in a supportive manner, if FT started to encounter difficulties with its debt repayment schedule'.) (el subrayado es nuestro).

(Standard & Poor ' s, 5. Dezember 2002) (Hervorhebung hinzugefügt). [EU] The French State's announcement today that it will immediately grant a 9€; billion shareholder loan to help FT face its 2003 debt obligations is viewed by Standard & Poor's as strong evidence of this support'.) (Standard & Poor's, 5 de diciembre de 2002) (el subrayado es nuestro)

this);">The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions". [EU] The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions».

this);">"The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions." [EU] «The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins LP's ratings and that has been reaffirmed by recent government decisions».

The example sentences were kindly provided by:
[I] IndustryStock.com, [L] spanisch-lehrbuch.de.
Sentences marked by [EU] derived from DGT Multilingual Translation Memory. The European Commission retains ownership of the copyright in the original data.
No guarantee of accuracy or completeness!
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