Rosh Ha'ayin, Israel, February 16, 2003 - Partner Communications Company Ltd. (NASDAQ and TASE: PTNR; LSE: PCCD) announced that on Friday February 14, 2003, Standard & Poor's ("S&P") revised its outlook on the Company to positive from stable.

At the same time, S&P affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on the company.

Commenting on the revised outlook, Partner's CFO, Mr. Alan Gelman said that "The main reason for the revised outlook by S&P is recognition of the Company's strong operational and financial performance since our initial ratings approximately two and a half years ago. This revision represents the continuing growing confidence of the credit community in our financial position and operating performance."

Mr. Gelman added that, in June 2002, Moody's Investor Service upgraded the Company's senior implied rating to Ba3 from B1, the Company's issuer rating to B2 from B3, and the Company's rating regarding its $175 million senior subordinated global notes due in 2010 to B2 from B3.

About Partner Communications

Partner Communications Company Ltd. is a leading Israeli mobile communications operator known for its GSM/GPRS based services and the development of wire free applications under the preferred orange^TM brand. The Company commenced full commercial operations in January 1999 and, through its network, provides quality of service and a range of features to more than 1.8 million subscribers in Israel. Partner subscribers can use roaming services in 104 destinations using 251 GSM networks. The Company has been awarded a 3G license in 2002. Partner's ADSs are quoted on NASDAQ under the symbol PTNR and on the London Stock Exchange (LSE) under the symbol PCCD. Its shares are quoted on the Tel Aviv Stock Exchange (TASE) under the symbol PTNR. (For further information: http://investors.partner.co.il

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