Moody's cuts Telekom Slovenije to Baa1

Moody's Investors Service said it downgraded the long-term issuer rating of Telekom Slovenije dd to Baa1 from A3.

The outlook is negative.

The downgrade reflects the group's deteriorating operating performance due to its transition to a convergence strategy, Moody's said, and increased competitive and regulatory pressures.

The downgrade also reflects concerns that this deterioration will delay the group's prospects for reverting to a meaningful positive free cash flow position in 2009, the agency said.

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