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Prospect News home > News index > List of issuers E > Headlines for eircom Group plc > News item |
S&P cuts Valentia Telecommunications
Standard & Poor's said it lowered its long-term corporate credit rating on Valentia Telecommunications upc to BB- from BB+ following a vote by the shareholders of Valentia's owner, eircom Group plc, to accept an offer from BCM Ireland Holdings Ltd.
The outlook is stable.
At the same time, the agency said it assigned its BB- long-term corporate credit rating to BCM, noting that the €3.3 billion senior secured facilities borrowed by BCM have been assigned a BB- rating with a recovery rating of 2.
The agency added that a €200 million second-lien loan has been rated B with a recovery rating of 5.
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