Fitch rates Moceir debt B

Fitch Ratings said it assigned a long-term issuer default rating of B- to Moceir Holdings (Ireland) Ltd.

The agency also assigned instrument and recovery ratings to the company's senior secured bank debt of B with a recovery rating of RR3.

The outlook is negative.

The ratings take into account the substantially reduced debt that eircom exited examinership with and the company's position as the country's incumbent telecom operator, Fitch said.

The ratings also reflect the company's sizable but declining market share and negative free cash flow generation, the agency said.

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