FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
October 28 ,2008
Commission
File Number: 001-33271
CELLCOM
ISRAEL LTD.
10
Hagavish Street
Netanya,
Israel 42140
________________________________________________
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
__X__ Form
40-F _____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _____ No
__X__
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): Not
Applicable
Cellcom Israel announces aa-
/ STABLE
rating FOR DEBENTURES TRADED IN
ISRAEL
Netanya, Israel – October 28, 2008 –
Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company"),
announced today that Standard &Poor’s Maalot (“Maalot”), announced
validation of the Company’s debentures traded in the Tel Aviv Stock Exchange
(Series A, B, C, D) AA- rating, with a change of outlook from “positive” to
“stable”.
In its
report, Maalot stated that the change of outlook from “positive” to “stable” is
primarily attributed to Maalot’s estimate that a rating upgrade in the short
term is unlikely, due to challenges expected as a result of the macro economic
climate and its expectation for some increase in the competition, due to the
expected launch of a third UMTS network in Israel, to be manifested primarily in
higher marketing and retention costs.
Maalot
further stated that the “stable” outlook reflects its assessment that the
Company will succeed in maintaining its financial and business position in the
short term, despite expected increase in competition and despite the continuous
regulatory challenges.
For
additional details as to the Company’s debentures, please see the Company’s most
recent annual report for the year ended December 31, 2007 on Form 20-F under
“Item 3. Key Information – D. Risk Factors – Risks related to our business – Our
substantial debt increases our exposure to market risks” as well as under “Item
5. Operating and Financial Review and Prospects – B. Liquidity and Capital
Resources – Debt Service – Public debentures”.
For
additional details as to the Company’s competitive environment, please see the
Company’s most recent annual report for the year ended December 31, 2007 on Form
20-F under “Item 3. Key Information – D. Risk Factors – Risks related to our
business – We face intense competition in all aspects of our business” as well
as under "Item
4. Information on the Company – B. Business Overview –Competition”.
About Cellcom
Israel
Cellcom
Israel Ltd., established in 1994, is the leading Israeli cellular provider;
Cellcom Israel provides its approximately 3.117 million subscribers (as at June
30, 2008) 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 the fastest high
speed content transmission available in the world, 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. In April 2006 Cellcom
Israel, through Cellcom Fixed Line Communications L.P., a limited partnership
wholly-owned by Cellcom Israel, became the first cellular operator to be granted
a special general license for the provision of 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://investors.ircellcom.co.il
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Company
Contact
Shiri
Israeli
Investor
Relations Coordinator
investors@cellcom.co.il
Tel:
+972 52 998 9755
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Investor Relations
Contact
Ehud
Helft / Ed Job
CCGK
Investor Relations
info@gkir.com
/ ed.job@ccgir.com
Tel:
(US) 1 866 704 6710 / 1 646 213
1914
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Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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CELLCOM
ISRAEL LTD.
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Date:
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October
28, 2008
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By:
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/s/ Liat
Menahemi Stadler
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Name:
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Liat
Menahemi Stadler
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Title:
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General
Counsel
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