S&P cuts Magyar to D

Standard & Poor's said it lowered the long-term corporate credit rating on Magyar Telecom BV to D from CC and lowered the rating on its €350 million senior secured notes due 2016 to D from CC.

The ratings also were removed from CreditWatch with negative implications, where they were placed on June 19.

The action follows the company's decision to not make the June 15 coupon payment on its €350 million senior secured notes within a five-business-day grace period that expired on June 21, according to the agency.

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