Telco upgrades follow strong 2004 results

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European telecoms received a boost from rating agencies last month when Ericsson, France Télécom and Deutsche Telekom were all upgraded.

Both FT and DT were upgraded from BBB+ to A- and given a stable outlook by Standard & Poor’s. Fitch upgraded Ericsson from BB+ to BBB-, outlook positive in late February, followed by a Moody’s upgrade on March 1 to Ba1, with review pending for a further upgrade.

DT’s 2004 results revealed that the company’s debt reduction programme is running ahead of schedule.

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