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European Telecoms' Competitive Intensity Evolving With Regulation

In a new presentation that competitive intensity in each European telecoms market is likely to be impacted as government and national regulators find the right balance between investment incentives and market-driven pricing.


Related Webinar:
European Telecoms: Competition in an Evolving Regulatory Environment

Scope of Huawei Ban to Dictate Global Supplier, Rival Impact

The breadth of the US ban on Huawei Technologies will likely determine the effect on the Chinese telecom firm's suppliers and competitors. Near-term credit effects should be minimal, despite significant exposure for some upstream US technology companies. We believe companies can divert sales to Huawei's Asian and European rivals that will likely benefit from Huawei's struggles.

Astro Awani

Astro Awani interview with Fitch Ratings’ Janice Chong - Axiata-Telenor Talks Highlight Need for Scale in Asia

Janice Chong, Director in Fitch Ratings' Corporates team, discuss with Ibrahim Sani, Business Editor of Astro Awani’s Notepad, key highlights of the proposed merger between Malaysia’s Axiata Group and Norway’s Telenor ASA.

Walt Disney Agreement with Comcast Credit Positive

The agreement The Walt Disney Company entered into with Comcast Corporation effectively strikes a balance between gaining decisive operational and strategic control of Hulu while preserving its cash flow generation and balance sheet capacity for anticipated deleveraging following Disney's acquisition of Twenty-First Century Fox, Inc. 


Latin America Mega Borrowers

Now Available On-Demand


Fitch Ratings is hosting a webcast on the largest Emerging Market borrowers in Latin America. Senior analysts from the Latin America Corporate Ratings Group will provide forecast snapshots on the following mid to low investment-grade issuers with the highest adjusted debt: America Movil, Ecopetrol, Petrobras and Suzano. 


Daniel Kastholm - Managing Director and Regional Group Head, Latin America Corporate Ratings (moderator)
Lucas Aristizabal - Senior Director and Head of Latin America Energy 
Fernanda Rezende - Senior Director, Latin America Corporate Ratings (Fitch Brazil)
Sul Ahmad - Associate Director, Latin America Corporate Ratings 


Listen Now

Tech Slowdown Looms as Inventory, Demand Disparity Rises

A rising disparity between revenue and inventory trends across the US may signal a potential near-term slowdown in technology, given the sector closely follows the broader economy. Softness in end-market demand became apparent for technology companies recently reporting earnings, particularly those in the upstream hardware subsector. 

Strong Credit Profile, IP Enables Disney to Take DTC Share

Disney confirmed the November 2019 launch date and pricing for its widely-anticipated Disney+ over-the-top subscription video on demand (SVOD) streaming service last week. We believe the very affordable $6.99 per month subscription price for Disney+ is aimed at taking market share from Netflix.

The Race for Streaming Content

Content spending is set to accelerate in U.S. Media as competition in direct-to-consumer streaming intensifies and companies vie for must have programming.

Indonesian Telco XL to Stay Ahead of the Curve

The mobile revenues of XL and Indosat are likely to rebound by mid-single-digit rates in 2019 after experiencing a challenging year following the implementation of Indonesia's SIM registration in May 2018. 

Samsung Earnings to Recover Later in 2019; Short Chip Downturn

The downturn in the semiconductor sector that weighed on Samsung Electronics Co., Ltd's (AA-/Stable) first-quarter results is likely to be less severe and shorter than previous cycles given production cuts, more diversified end-market applications and strong content growth. We believe that Samsung's results are likely to recover towards the end of this year.

US Media Shakeout May Emerge with Race for Streaming Content

Content spending is set to accelerate in US Media as competition in direct-to-consumer streaming intensifies and companies vie for must have programming. Most competitors have the ability to invest but returns could suffer if consumers experience content overload, subscriber growth slows and cash flow comes under pressure.


Corporate Mega Borrowers: Technology, Media& Telecom


Now Available On-Demand

With corporate debt in the mid-investment grade a growing topic in 2019, Fitch held a webcast discussing the key financial metrics, forecast assumptions and rating sensitivities for the Technology, Media& Telecoms sector. During this brief webcast the speakers focussed on the debt issued by AT&T, Comcast, Verizon, Deutsche Telekom, Orange, Telefonica, and Vodafone. This followed the publication of our report titled Mega Borrowers: Forecast Snapshots for Mid to Low Investment-Grade Issuers

Listen Now

rating action

Fitch Downgrades Xerox; Places on Rating Watch Negative

The downgrade and Rating Watch reflect the deterioration in Xerox's operating performance relative to Fitch's expectations at the time of Xerox's downgrade in 2018 and the apparent shift from already aggressive financial policies to corporate actions that could potentially harm existing bondholders. 

Falling Smartphone Demand Hitting Asian Component Makers

The downturn in global smartphone demand is posing challenges for Asian component manufacturers and the most vulnerable are those that are lower down the technology chain and operating in highly competitive sub-sectors.

Supply Chain Structure May Affect Tech Revenue Volatility

Supply chain structure provides insight on economic sensitivity in the US technology sector. We believe revenue volatility during future slowdowns will in part depend on supply chain length and vary across subsectors. Upstream hardware could be most exposed, followed by downstream hardware. Software and IT distributors may be least sensitive. 

Credit Outlook 2019

Hong Kong Credit Outlook Event 2019

Steve Durose, Head of APAC Telecommunications, Media and Technology, Fitch Ratings discusses how trade tension impacts the hardware sector and the related subsectors in 2019 at the Credit Outlook Conference in Hong Kong.


Some highlights including:

  • Trade Tension Impacts Hardware Sector and the Related Subsectors in 2019
  • Salient Risk for APAC in 2019
  • The Challenges and Opportunities for LGFVs and its Transformation in 2019
  • China Property Market Outlook in 2019
  • Trend of Deleveraging in China
  • The role of SOEs in China economy going forward

View more

What Investors Want to Know - Asia-Pacific Telcos

Janice Chong, a Director in the APAC TMT Ratings team, addresses key investor questions on APAC telecom companies – including data monetization, consolidation and the rollout of 5G mobile technology.

What Investors Want to Know - Chinese Internet Majors

Steve Durose, Head of Asia-Pacific Technology, Media and Telecom Ratings, provides insights on some of the key investor questions on China’s leading internet companies – Alibaba, Baidu and Tencent.

rating action

Fitch Downgrades Windstream's IDR to 'D'

Windstream continues to experience pressure across all segments due to declining legacy-products-related revenue and the effects of competition in a challenging operating environment for wireline operators. 

SKT Strengthens Pay-TV Position via Merger

Fast-growing IPTV and media businesses have become a new source of revenue and profit for telecom operators, mitigating the profit decline in the saturated wireless industry. However, the limited room for organic growth in the pay-TV market gives telcos the incentive to acquire cable TV operators.


Fitch Ratings: Philippines Telecoms Sector

Janice Chong, Director in Fitch Ratings’ APAC Technology team, speaks to ABS-CBN on the credit ratings outlook for Philippine telcos, including the challenges and prospects for the rollout of 5G, the next generation wireless standard.

Investor Focus on Business Risks for China's "BAT"

These companies are driving internet revolution beyond their core internet services to an era of artificial intelligence (AI) technology, amongst others. Fitch Ratings believes that M&A will remain opportunistic and regulatory risk will stay manageable.

Rating Criteria & Sector Companions

Master methodology covers financial adjustments and corporate structures.

Companions: Business Services: DAPDiversified MediaTechnologyTelecommunications.

Webcast: Fitch on the Italian Telecom Market – Recent Developments

You can listen to the webcast on Italian Telecoms. We discussed the latest market developments and the recently concluded 5G spectrum auction.


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