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S&P affirms Hungarian Telephone
Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Hungarian Telephone and Cable Corp. and all related entities.
The agency said that the ratings were removed from CreditWatch, where they were placed with negative implications on Dec. 21, following the company's announcement of the purchase of 95.7% of Austria-based Memorex Telex Communications AG (not rated) for €90.5 million.
At the same time, S&P said it affirmed all ratings on Hungarian Telephone's outstanding debt instruments.
The outlook is stable.
The agency added that the ratings are constrained by the group's need to offset declining fixed-line voice revenues through growing wholesale and broadband-internet revenues and its high leverage.
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