DRILLISCH - RATING REPORT
Our rating is supported by the unique MBA MVNO contract Drillisch has secured with Telefonica in Germany This contract confers to Drillisch a strong advantage over its competitors. Essentially, Drillisch will have access to all available technologies (including LTE/4G) and future technologies ahead of other MVNOs without bearing any CapEx and technology risks. Thus, we believe that Drillisch will have the ability to sell very attractive offers in terms of both price and quality. The contract was part of the remedy package that Telefonica offered to the European Commission in order to obtain regulatory approval for the acquisition of its competitor E-Plus. As a consequence, terms of the contract are much likely favorable to Drillisch and it is unlikely to see such terms offered by a MNO once more.​
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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