OREANDA-NEWS. Fitch Ratings says in its new Dashboard that EMEA mobile network operators (MNOs) are increasingly likely to sell their tower assets to independent operators or list their tower businesses to improve balance sheet efficiency.

Generally, tower companies are able to maintain a higher leverage at any given rating level compared with telecoms or global satellite operators. Tower companies often benefit from inflation-linked long-term revenue contracts, which provide visibility of cashflows. The kinds of tower assets vary, with those exposed to media broadcasting being higher-risk than mobile.

The 1H16 EMEA Towers Dashboard explores key trends in the sector and their impact on the main operators, including the following:

-Key theme: Further Spin Offs and M&A expected.
-What Fitch is watching: M&A activity in the sector, especially within the Italian and Nigerian markets, and whether Telefonica will list or sell its tower portfolio.
-The impact on ratings

A complete review of these topics including the dashboard is available at www.fitchratings.com.