Fitch Ratings has said in a just published report, "Asia Pacific Telecoms: Credit Outlook 2009", that notwithstanding the impact of the current recessionary environment, the overall Outlook is Stable, and most operators are well-placed to defend their credit profiles. The report explores how key financial metrics will move for each of the operators across Asia Pacific in 2009 and conclude that while revenue growth is likely to slow, cash flow from operations (CFO) and free cash flow (FCF) after dividends are likely to, on average, moderately rise.