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Partner Communications announces Moody's
Upgrades the Company; Outlook Changed to
Positive from Stable

Rosh Ha'ayin, Israel, 21 December 2003 - Partner Communications Ltd. (Partner) (NASDAQ, Tel Aviv: PTNR, London: PCCD) announces that Moody's Investors Service upgraded the ratings of Partner and changed the outlook for all ratings from stable to positive.

The following ratings are affected:

    - Senior implied rating upgraded from Ba3 to Ba2

    - Issuer rating upgraded from B2 to B1

    - $175 million senior subordinated notes upgraded from B2 to B1

    - Senior bank credit facilities from Ba3 to Ba2

Moody's commented that the upgrade reflects the company's continued financial and operational progress since Moody's previous upgrade in June of 2002.

Earlier this month Standard & Poor's Ratings Services raised its long-term ratings for Partner to 'BB-' from 'B+'. At the same time, the senior unsecured subordinated debt rating was raised by Standard & Poor's to 'B' from 'B-'. In August 2003, Maalot, the Israel Securities Rating Company Ltd., strategic partner of Standard & Poor's, awarded Partner an "A" rating.

Alan Gelman, Partner's CFO, said that the rating awarded the Company by Moody's, one week after Standard and Poor's raised the Company's rating, is further evidence of the confidence of the financial community in the Company's financial strength, its profitability, steady cash flow, and its debt service capabilities. Mr. Gelman added that the positive outlook reflects Moody's opinion that there is potential for further upward rating pressure over the next twelve-to-eighteen months, depending on the Company's ability to demonstrate continued financial progress during its Third Generation rollout and as penetration levels in the market further approach saturation levels.

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 wirefree applications under the 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 over two million subscribers in Israel. Partner subscribers can use roaming services in 125 destinations using 280 GSM networks. The Company was 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 please visit:


Dr. Dan Eldar
V.P. Carrier, International and Investor Relations
Tel: +972 67 814151
Fax: +972 67 814161