Orange Upgraded by Debt Rating Agency

Israel's Partner Communications (which trades under the Orange brand name though a license) says that on Standard & Poor's has revised its outlook on the Company to positive from stable.

At the same time, S&P affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on the company.

Commenting on the revised outlook, Partner's CFO, Mr. Alan Gelman said that "The main reason for the revised outlook by S&P is recognition of the Company's strong operational and financial performance since our initial ratings approximately two and a half years ago. This revision represents the continuing growing confidence of the credit community in our financial position and operating performance."

Mr. Gelman added that, in June 2002, Moody's Investor Service upgraded the Company's senior implied rating to Ba3 from B1, the Company's issuer rating to B2 from B3, and the Company's rating regarding its $175 million senior subordinated global notes due in 2010 to B2 from B3."

Posted to the site on 17th February 2003