Moody's confirms Bezeq

Moody's Investors Service said it confirmed the Baa1 long-term senior unsecured bond and bank loan ratings of Bezeq, The Israel Telecommunication Corp. Ltd.

The outlook is stable.

The rating confirmation concludes the rating review process begun on May 10, 2005. Moody's downgraded the company's ratings to their present level from A3 in October.

The review encompassed a full assessment of the financial and business risk implications of the change in ownership following the Israeli Government's sale of a 30% equity stake in Bezeq to a private equity consortium, the agency said.

Moody's predicted that Bezeq will focus on its deleveraging strategy, continue to enhance its operating performance and that the company's debt to EBITDA ratio will peak at around 2.5x and then drop to around 2x. The rating confirmation and stable outlook assume that there will be no acquisitions in the medium term and, therefore, that event risk is low.

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