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article 28 suspension and extraordinary termination of participation 1 .
article 28 suspension and extraordinary termination of participation 1 .

(«… on july 12, 2002, s & p … downgraded france télécom’s ratings to bbb- ... the agency no longer expects france télécom to hit the 3.5× net debt/ebitda target by 2003, but did assign a “stable” outlook to the low triple b ratings. it seems that the stable outlook is anchored by “the french state … [which] has clearly indicated to standard & poor’s that it will behave as an aware investor and would take appropriate steps if france télécom were to face any difficulties.” … interestingly, s & p had initially said it was not incorporating any extraordinary support from the french government into its rating when it downgraded france télécom’s ratings to bbb in june. since then, the agency appears to have taken an about face in stating that the conclusions of the creditwatch status “follows an analysis of the company’s liquidity position through the end of 2003 and a review of the french state’s potential involvement in the french telecommunications market” (p. 19); “france télécom benefited from the market’s increased confidence that the french government will in one way or another support the credit” (p. 20); “we cannot ignore the fact that ft is majority owned by the french state and recent comments from the french finance ministry have reassured investor that liquidity will be provided” (page 54) “however, as we have consistently mentioned, we expect that the company will ultimately find all the liquidity it needs via the so-called ‘implicit government support’. this could take the form of banks or the government providing the necessary loans at market prices ” (p. . 21).
… interestingly, s & p had initially said it was not incorporating any extraordinary support from the french government into its rating when it downgraded france télécom’s ratings to bbb in june. since then, the agency appears to have taken an about face in stating that the conclusions of the creditwatch status follows an analysis of the company’s liquidity position through the end of 2003 and a review of the french state’s potential involvement in the french télécommunications market ’ (p. 19); ‘france télécom benefited from the market’s increased confidence that the french government will in one way or another support the credit’ (p. 20); ‘we cannot ignore the fact that ft is majority owned by the french state and recent comments from the french finance ministry have reassured investor that liquidity will be provided’ (p. 54) ‘however, as we have consistently mentioned, we expect that the company will ultimately find all the liquidity it needs via the so-called “implicit government support”. this could take the form of banks or the government providing the necessary loans at market prices ’ (p. 21).