S&P rates eircom loan B

Standard & Poor's said it assigned a B long-term corporate credit rating to Moceir Holding (Ireland) Ltd. (eircom).

S&P also assigned a rating of B and recovery rating of 3 to the €2.3 billion senior secured term loan issued by eircom Finco Sarl.

The recovery rating of 3 on the loan reflects 50% to 70% expected recovery in a default.

The outlook is stable.

The ratings are constrained by the group's highly leveraged financial risk profile and supported by its satisfactory business risk profile, S&P said.

eircom is the entity created following the debt restructuring of ERC Ireland Preferred Equity Ltd. and related companies in June 2012.

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