Standard & Poor's Ratings Services said today that its ratings on City Telecom (HK) Ltd (CTI, BB-/Stable/-) would not be immediately affected by heightened domestic competition in its main businesses. However, Standard & Poor's is closely monitoring the company's progress, especially its ability to convert free trial subscribers into paying subscribers, as well as the level of its acquisition costs.
The company currently has adequate liquidity with substantial cash remaining from a Hong Kong dollar (HK$) 975 million note issue earlier this year.
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