Moody's Investors Service Upgraded the Credit Ratings of Partner Communications Company Ltd. Senior Implied Ratings Upgraded to Ba3
Rosh Ha'ayin, Israel, June 25, 2002 - Partner Communications Company Ltd. (NASDAQ and TASE: PTNR; LSE: PCCD) today announced that Moody's Investors Service upgraded its credit ratings.
Moody's 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. Moody's also reiterated that its outlook on the Company is stable.
Commenting on the upgrades by Moody's, Partner's CFO, Mr. Alan Gelman said that "The main drivers to the ratings upgrade were (1) our solid operational and financial performance since our initial ratings approximately two years ago; (2) our improving profitability ratios as evidenced by increasing EBITDA for 13 consecutive quarters, which have improved our credit metrics; and (3) our ability to garner a substantial subscriber base in a very competitive market."
Moody's also referred to the successful resolution by the Company of the related party restrictions imposed by Bank of Israel on Bank Hapoalim's lending to the Company and the relatively low price the Company paid for its third generation license.
Mr. Gelman added, "The resolution of the Bank Hapoalim issue has effectively removed any immediate funding issues with regard to 3G".
About Partner Communications
Partner Communications Company Ltd. is the first Global System for Mobile Communications, or GSM, mobile telephone network operator in Israel. The Company commenced full commercial operations in January 1999 under the international orange Άβ brand name and, through its network, provides quality of service and a range of features to more than 1.5 million subscribers in Israel. Partner subscribers can use roaming services in 100 destinations using 237 GSM networks. The Company's ADSs are quoted on NASDAQ under the symbol PTNR and on the London Stock Exchange (LSE) under the symbol PCCD. Its shares are quoted on the Tel Aviv Stock Exchange (TASE) under the symbol PTNR. (For further information:
http://investors.partner.co.il)
Contacts:
| Mr. Alan Gelman | Dr. Dan Eldar |
| Chief Financial Officer | V.P. Carrier, Investor and |
| International Relations | |
| Tel: +972-67-814951 | Tel: +972-67-814151 |
| Fax: +972-67-815961 | Fax: +972-67-814161 |
| E-mail: alan.gelman@orange.co.il | E-mail: dan.eldar@orange.co.il |
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