Brasil Telecom Shareholder Change Neutral to Credit Quality.Business Editors CHICAGO/SAO PAULO--(BUSINESS WIRE)--Sept. 6, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. views the recent shareholder structure change at Solpart Participacoes S.A. (Solpart), the consortium which controls Brasil Telecom Participacoes S.A.'s (BRP BRP Bombardier Recreational Products, Inc. BRP Blue Ribbon Panel BRP Bioengineering Research Partnership BRP Business Resumption Plan BRP Business Recovery Plan BRP Bathroom Privileges BRP Bronx River Parkway (New York) ) as neutral to BRP's credit quality, since no material change in control has occurred. Solpart and by extension BRP will remain controlled by the Opportunity Group. Telecom Italia SpA (TI) has effectively reduced its voting capital stake in Solpart, which controls BRP, from 37.29% to 19%. The transaction involved a transfer of 18.29% of TI's voting shares in Solpart to Timepart and Techold, which are controlled by the Brazilian group Opportunity in conjunction with several Brazilian pension funds. Furthermore, TI's political rights as per the shareholder agreement have been temporarily suspended. As a result of the transaction, Techold and Timepart's combined voting control of Solpart rose from 62.7% to 81%. The reduction of TI's voting participation in Solpart, and hence BRP, may remove regulatory cross-ownership restrictions which have prohibited Telecom Italia's subsidiary, Telecom Italia Mobile TIM (Telecom Italia Mobile) is Telecom Italia's mobile phone brand, and runs a GSM, EDGE, UMTS and HSDPA network in Italy and a GSM network with EDGE in Brazil. In Europe, TIM is part of the FreeMove alliance. TIM Peru was sold to América Móvil and rebranded Claro. (TIM TIM Timothy TIM Technical Interchange Meeting TIM Transient Intermodulation Distortion TIM Time Is Money TIM The Invisible Man (movie) TIM Telecom Italia Mobile (Italian cellular provider) ), from initiating its PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. wireless operations in Brazil. In 2001, TIM had acquired PCS licenses to provision wireless services on a nationwide basis. |
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