Newsgroup: it.economia.borsa
Titolo: CCIL

Cellular int. comunication  simbolo CCIL  quotata sul Nasdaq e' una societa'
di venture capital focalizzata alle telecomunicazioni che possiede il 14,9%
del consorzio pronto italia che controlla il 70% di Ommitel. Su MF  e'
uscita la notizia di una possibile una riorganizzazione della struttura di
controllo di Omnitel che prevede l'uscita di alcuni soci  fra cui CCIL.
Visto le valutazioni  di Omnitel a 15/20 mila miliardi uscite sulla stampa
fatevi alcuni conti sulla potenziale plusvalenza.
Giovanni

...

Grazie per l'ottima segnalazione, S&P ha gia' rialzato il rating il 10 Marzo
di CCIL (ma a me la cosa era sfuggita) provocando un sostenuto aumento delle
quotazioni del titolo.
Scusate se posto la press release in inglese ma e' domenica e non ho molta
voglia di lavorare oggi.
Company Press Release
SOURCE: Standard & Poor's CreditWire
S&P Upgrades Cellular Communications International Ratings
NEW YORK, March 10 /PRNewswire/ -- Standard & Poor's today raised its
corporate credit rating on Cellular Communications International Inc.
(Nasdaq: CCIL - news) to single-'B'-minus from triple-'C'-plus.
Standard & Poor's also raised its rating on the company's senior $150
million (initial proceeds) 13-1/4% senior discount notes to single-'B'-minus
from triple-'C'-plus.
Standard & Poor's assigned its single-'B'-minus rating to Cellular
Communications International's planned Euro $138 million (gross proceeds)
senior discount notes due 2005 and its triple-'C' rating to the company's
$75 million convertible subordinated notes due 2005.
On a pro forma basis, about $225 million in debt will be outstanding. The
two new issues are being sold to refinance the 13-1/4% senior discount
notes.
The upgrade reflects the improving operating performance of Omnitel Pronto
Italia (OPI), the second cellular telephone operator in the Italian market.
The rating reflects the high credit risk resulting from Cellular
Communications International's corporate structure. Cellular Communications
International is a holding company whose major asset is a 10.3% interest in
OPI. Uncertainty regarding OPI's future cash flow and dividends makes
Cellular Communications International's credit profile dependent on the
company's ability to refinance outstanding debt. Cellular Communications
International's two planned bond issues are being used to refinance an
earlier debt issue, the proceeds of which were used to fund the company's
initial equity investments in OPI.
OPI has successfully launched service as the second cellular telephone
carrier in Italy. OPI initiated service in 1995 after the Italian government
granted it the second countrywide cellular license in 1994. At year-end
1997, OPI had 2.5 million subscribers and attracted over one third of the
new cellular customers. OPI has successfully competed against the entrenched
monopoly carrier, which provides both analog and digital service. OPI's
network is all digital, using the Europe-wide Global System for Mobile
Communications (GSM) standard.
The Italian cellular market has shown tremendous growth, reflecting the
country's strong underlying economic and demographic profile. In 1997
cellular subscribers grew by 80% to 11.8 million, with Italian penetration
rates now exceeding levels in the U.K. Although the Italian government may
issue a third wireless license in 1998, OPI has established itself as a
credible competitor, and owners such as Mannesman and AirTouch will help OPI
expand into new areas in the increasingly deregulated European market.
However, like all new cellular systems, OPI's high start-up costs relative
to initial subscriber revenue have generated operating losses. Heavy
up-front capital spending, required for system ubiquity, as well as interest
on OPI's credit facility, will keep free cash flow negative for the next
several years.
These aspects of OPI's cash flow contribute to the roll-over risk of
Cellular Communications International's debt. As a minority investor in OPI,
Cellular Communications International cannot determine the dividend payout
policy of the venture, and even if all free cash flow were paid out to
owners, the company's share would be insufficient to cover its debt
obligation over the intermediate term. Cellular Communications
International's ability to refinance its debt will be determined by the
market value and credit quality OPI can achieve between now and the year
2005.
OUTLOOK: STABLE
The five-year interest deferral on the senior discount notes reduces
short-term liquidity constraints, while the company can pay interest on the
convertible subordinated notes from cash on hand. However, the long-term
prospects for the debt depend on both the continued business success of OPI
and on dividend decisions made by the majority partners, Standard & Poor's
said. -- CreditWire