S&P lowers Gateway Telecommunications

Standard & Poor's said it lowered its long-term corporate credit rating on Gateway Telecommunications SA (Proprietary) Ltd. to B- from B.

The outlook is stable.

At the same time, S&P said it lowered to B- from B its debt rating on the $132.5 million senior secured notes issued by Gateway Telecommunications plc (GTP) due 2013 and guaranteed by Gateway while the recovery rating of 3 on the senior secured notes is unchanged.

The agency said that the downgrade follows the announcement of additional 41/2-year $62 million payment-in-kind loans raised at Gateway Broadcast Services Ltd.

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