English: This could take the form of banks or the government providing the necessary loans at market prices ’ (p. 21).
German: … 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 ’ (S. 19); ‘France Télécom benefited from the market's increased confidence that the French government will in one way or another support the credit’ (S. 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 ’ (S. 21). Doch ‘what is the market price for, say, 10 bn of new debt to a BBB- credit?
Spanish: («… 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).
Portuguese: … 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).
Swedish: ”France Télécom har åtnjutit ökande förtroende på marknaden sedan regeringen på ett eller annat sätt uttalat stöd för dess lån” (s. 20).
Finnish: ”Emme voi unohtaa sitä, että Ranskan valtio on FT:n enemmistöosakas, ja Ranskan valtiovarainministerin viimeisimmät kommentit ovat vakuuttaneet sijoittajat siitä, että maksuvalmius taataan.” (s.
Greek: This could take the form of banks or the government providing the necessary loans at market prices (p.. 21).
Czech: … 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).
Slovak: This could take the form of banks or the government providing the necessary loans at market prices ‘ (p.. 21).
Hungarian: Ugyanakkor »mi a piaci ára mondjuk egy 10 milliárd eurós új adósságnak, egy BBB-hitelminősítés esetén? Mi a tényleges költsége egy 10 milliárd eurós adósságnak egy olyan cég számára, amely valójában nem felel meg a BBB- minősítésnek, és amelyet csupán a kormány támogatása miatt sorolnak ebbe a kategóriába?… Úgy gondoljuk, hogy nincs jó válasz ezekre a kérdésekre, mert ha az FT a valós világban működne, szerintünk nem lenne képes arra, hogy anélkül refinanszírozza magát, hogy ne kellene az adósságot tőkévé konvertáló eszközöket igénybe vennie.
Slovenian: This could take the form of banks or the government providing the necessary loans at market prices ’ (str. 21).
Estonian: This could take the form of banks or the government providing the necessary loans at market prices ’ (lk 21).
Latvian: This could take the form of banks or the government providing the necessary loans at market prices ’ (p. 21).
Lithuanian: (‘… on July 12, 2002, S & P … downgraded France Télécom's ratings to BBB-... The agency no longer expects France Télécom to hit the 3.5x 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).