S&P ups Invitel

Standard & Poor's said it raised to B from CCC+ its long-term corporate credit ratings on Invitel Holdings A/S and related entities Magyar Telecom BV and HTCC Holdco I BV, following the completion of a €345 million senior secured notes offering to refinance existing debt.

The issue rating on the new €345 million of 9.5% senior secured notes due 2016 and issued by Magyar Telecom BV, was also raised to B from CCC+, the agency said.

In addition, S&P said it raised the issue rating on Magyar Telecom BV's €126 million of floating-rate notes due 2013 and the issue rating on HTCC Holdco I BV's €17 million of junior subordinated payment-in-kind notes due 2013, to CCC+ from CCC-.

All corporate credit and issue ratings were removed from CreditWatch, where they had been placed with positive implications on Dec. 7, S&P noted.

The outlook is stable.

© 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.