mmO 2

Credit of the month

Tim Jagger
Royal Bank of Scotland

The problems at WorldCom have led to increased investor caution towards telecom companies, particularly those perceived to have weak market positions and/or ambitious strategies. This has impacted both the equity and bond prices of mmO2 given its current weak market position in Germany and its ambitious business plan that seeks to quadruple Ebitda from £400m to £1.5bn in three years. We believe the recent spread widening is overdone and recommend

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