Cellcom Israel Announces ilAA/stable Rating Assigned for Additional Debentures to be Traded in Israel

Mar 24, 2011, 05:00 ET from Cellcom Israel Ltd.

NETANYA, Israel, March 24, 2011 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company"), announced today that following its previously announced possible debt raising in Israel, Standard & Poor's Maalot announced it assigned an ilAA/stable rating to additional debentures of up to NIS 1.5 billion that the Company may issue of Series D and E debentures to be traded, if issued, on the Tel Aviv Stock Exchange.

At this stage, no decision has been made as to the execution of such possible issuance, nor as to its scope, terms and timing, if executed, and there is no certainty that such issuance will be executed. The issuance, if made, will be made in Israel to residents of Israel only. The said debentures, if issued, will not be registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States or to U.S. persons. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any debentures.

A security rating is not a recommendation to buy, sell or hold securities, it may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

For additional details of the Company's Israeli shelf prospectus and public debentures, see the Company's annual report for the year ended December 31, 2010 on Form 20-F, under "Item 5 - Operating and Financial Review and Prospects - B. Liquidity and Capital Resources - Debt Service" and the Company's immediate report on Form 6-K filed on March 21, 2011 regarding the Company's possible debt raising.

About Cellcom

Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its approximately 3.394 million subscribers (as at December 31, 2010) with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers its customers technical support, account information, direct to the door parcel services, internet and fax services, dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel, through its wholly owned subsidiary Cellcom Fixed Line Communications L.P., provides landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://www.cellcom.co.il

    Company Contact
    Yaacov Heen
    Chief Financial Officer
    Tel: +972-52-998-9755

    IR Contacts
    Porat Saar & Kristin Knies
    CCG Investor Relations Israel & US
    Tel: +1-646-233-2161

SOURCE Cellcom Israel Ltd.