European Telecommunications: Relative Credit Analysis 2024 | Fitch Ratings | 28 February 2024 | Webinar

This segment will take you through some key names across the rating curve, as well as select outliers.

Key Takeaways:
- Ratings at well-converged Altnets and Cable companies with national scale have been stable over the past five years, but smaller operators with high leverage experienced rating pressure in 2023. Leverage and coverage ratios for most of the group should stabilize in 2024;
- Altnets and cable operators continue to target household penetration following expensive fiber roll-outs;
- All European incumbents benefit from strong positions in their domestic markets, though fixed-line incumbents are experiencing growing pressure;
- Fiber To The Home investments have a positive impact on credit profiles for European incumbents in the short-to-medium term;
- Financial structure is a key rating driver for most of these companies.

2024 Speakers

Emmanuelle Bulle
Senior Director, Head of Research for EMEA and APAC Corporates

Tom Steabler
Senior Director, European TMT

Evgeniya Chernyaeva
Director, European TMT