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2022/08/19 / Erste Group Research

Telekom Austria: Focus remains on cost discipline

TKA's rating is in the good mid-range of the investment grade segment at both Moody's and S&P and has not been changed since 2018 and 2019, respectively. The outlook is stable at both rating agencies, reflecting expectations of further improvement in operating performance over the next three years.

TKA showed resilience to the crisis during the pandemic. The impact of the war in Ukraine has also been limited so far. TKA's exposure in Belarus is relatively low at just under 9% of group sales (2021).

In recent years, TKA has significantly improved its operating performance. TKA has a stable credit profile and strong cash flow generation. Key credit metrics (including interest coverage and debt repayment period) have also improved since 2019 and remained significantly better than direct peer group comparisons in 2021.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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