S&P puts eircom parents on watch

Standard & Poor's said it placed on Creditwatch with negative implications its B long-term corporate credit ratings on ERC Ireland Preferred Equity Ltd., ERC Ireland Finance Ltd. and ERC Ireland Holdings Ltd., the parent companies of eircom Group Ltd. (not rated).

"The rating action reflects its opinion that various financial covenants present in ERC Ireland Finance's senior secured facilities could be breached over the coming three to four quarters, and its concerns about a potential lack of appropriate or timely measures being taken to prevent this from occurring," said S&P credit analyst Xavier Buffon.

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