Moody's ups Hellas Telecommunications

Moody's Investors Service said it has withdrawn the C rating on the €960 million and $275 million subordinated notes due 2015 of Hellas Telecommunications II Sarl (Hellas II), along with its Caa3 corporate family rating and the Caa3/limited default probability of default rating.

The action reflects Hellas II's current status as an insolvent company with no assets following the sale of its assets to Weather Finance III in November 2009 as part of the Hellas Telecommunication Group's capital restructuring. Weather Finance III is the new holding company of Wind Hellas Telecommunications.

The agency also said it assigned a Caa1 corporate family rating and a Caa1 probability of default rating to Weather Finance III, and upgraded to Caa1 from Caa2 the rating on the senior secured notes issued at Hellas Telecommunications (Luxembourg) V, along with the rating on the senior notes issued at Hellas Telecommunications (Luxembourg) III to Caa3 from Ca.

This concludes a review that began in August 2009 following news of the company's debt restructuring.

The outlook is negative.

The outlook reflects concerns, in light of the limited visibility, regarding the company's ability to comfortably remain in compliance with its revolving credit facility covenants (particularly the interest coverage covenant) to December 2010, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.