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canada goose coats on sale (The following statement was released by the rating agency) SINGAPORE/SYDNEY, September 10 (Fitch) The Indian government’s newly announced approval for spectrum trading and sharing is likely to push industry consolidation further, reduce regulatory uncertainty and ease network canada goose coats on sale congestion, says Fitch Ratings. Specifically, these new rules are credit positive for the fourth largest telco Reliance Communications Limited (Rcom, BB /Stable) which can now reduce leverage through monetising its under utilised pan India 800MHz spectrum. The top three telcos, including market leader Bharti Airtel Limited (BBB /Stable), have increased their combined revenue market share to 73%. These companies may further consolidate market share by acquiring additional spectrum from smaller telcos, de congest their network, and support their fast growing 3G/4G services. Furthermore, their ability to trade spectrum may curtail excessive bidding in future spectrum canada goose factory sale auctions. Spectrum trading canada goose official canada goose outlet uk outlet coupled with sharing will spur consolidation as it provides an exit route to smaller loss making telcos which have canada goose clearance sale struggled to generate positive operating cash flows. Smaller telcos including Tata Telecom, Videocon Telecom and Aircel Limited make operating losses, are struggling to gain market share, and are saddled with high debt. These businesses could trade their under utilised spectrum assets with larger telcos in the loss making Indian circles to focus only on profitable circles. The regulator has divided India into 22 telecom uk canada goose circles depending on demography. The state owned telcos including Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited will benefit as they own a large chunk Canada Goose sale of the most efficient but under utilised 900MHz spectrum canadian goose jacket which can be Canada Goose Coats On Sale traded to boost buy canada goose jacket cheap cash. These companies also make operating losses as employee costs are 50% of revenue. Furthermore, they Canada Goose online have Canada Goose Outlet high debt, which was taken on to fund the acquisition of spectrum reserved for them by government. Canada Goose Parka However, aggressive cheap canada goose uk spectrum trading could be deterred in the short term by new taxes and fees, and by restrictive uk canada goose outlet rules. First, the rules prevent a telco from owning over 25% of available spectrum in Canada Goose Online any one circle. Second, a telco may have to pay additional taxes on the revenue derived from traded spectrum over and canada goose coats above the existing spectrum charges. Third, a seller will have to pay an additional 1% fee on the traded spectrum’s market value. Finally, the inability of telcos to trade cheaper spectrum acquired before 2010 unless paid for equal to canada goose clearance an auction determined market value is also a dampener. Reliance Industries Ltd’s (RIL, BBB /Stable) telecom subsidiary, Jio, which is canada goose rumoured to launch its 4G services in December 2015, could acquire 800MHz spectrum Canada Goose Jackets to provide better indoor coverage, as it owns spectrum in 800MHz only in 10 circles and higher bandwidth spectrum of 2300MHz/1800MHz in the rest of the Indian circles. Rcom could be a source of this spectrum, as it has canada goose black friday sale continuous spectrum canada goose store bandwidth in 800MHz and already has a reciprocal infrastructure agreement with Jio to share Rcom’s cheap Canada Goose 43,000 towers, 120,000km of inter city fibre, and 70,000km of intra city fibre network over the next 17 20 years. Indian telcos are some of most spectrum starved operators buy canada goose jacket in Asia Pacific, and consumers frequently experience call drops and poor data quality. To date, active consolidation in the sector has been prevented by inefficient utilisation of spectrum assets by smaller telcos, and regulatory uncertainty regarding M rules. Contacts: Nitin Soni Director Corporates +65 6796 7235 Fitch Ratings Singapore Pte Ltd. The above article originally appeared as a post on the Fitch Wire credit market commentary page. All opinions expressed are those of Fitch Ratings. ALL unicorndesigns FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS canada goose uk black friday SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR canada goose uk shop RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE canada goose coats on sale.