Bt Report

Global Credit Research Credit Opinion 7 NOV 2008 Credit Opinion: BT free radical Plc BT Group Plc United Kingdom Ratings fellowship Esat telecommunication Group plc expectation Issuer Rating British Telecommunications Plc Outlook Issuer Rating Senior Unsecured Commercial Paper British Telecom Finance, Inc. Outlook Bkd Senior Unsecured British Telecom Finance B.V. Outlook Bkd Issuer Rating Bkd Commercial Paper Contacts psychoanalyst Paloma San Valentin/Madrid Carlos Winzer/Madrid David G. Staples/London Key Indicators [1] BT Group Plc pecuniary Metrics Fiscal Year ending: EBITDA Margin % RCF / solve Debt FCF / Net Debt Debt / EBITDA (FFO + Interest cost) / Interest Expense (EBITDA-CAPEX) / Interest Expense [1] Financial metrics as adjusted by tenaciouss Phone 34.91.310.14.54 44.20.7772.5454 gloomys Rating minus Baa1 Negative Baa1 Baa1 P-2 Negative Baa1 Negative Baa1 P-2 31/03/2006 30.7% 25.0% 4.1% 3.0x 5.0x 2.3x 31/03/2007 29.4% 32.3% 1.2% 2.4x 7.1x 2.7x 31/03/2008 29.5% 30.7% 4.6% 2.6x 6.7x 2.6x Note: For definitions of Moodys most common ratio terms please realise the accompanying Users Guide.

Opinion Corporate Profile BT Group Plc (BT, the Group), which operates principally through its 100%-owned subsidiary British Telecommunications plc (rated Baa1, shun outlook) is the leading provider of local, long-distance and international telecommunications services in the UK. As at 30 June 2008, BT controlled approximately 22.1 one million million retail addition lines (23.6 million at end-June 2007), including 4.5 million broadband connections (3.8 million at end- June 2007). Wholesale broadband connections were 8.3 million, down from 8.8 million a year earlier. Following the settlement reached with Ofcom, the UK regulator, in January 2006 BT transferred its local access network (the local loop), along with its management and associated services into a discrete, regulated entity. This division, called Openreach, delivers local access services both to some other BT divisions and to... If you want to get a full essay, order it on our website: Orderessay

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