S&P: Matterhorn loan, bond BB-

Standard & Poor's said it assigned a preliminary B+ long-term corporate credit rating to Matterhorn Mobile Holdings SA, the ultimate parent of Orange Communications SA.

The outlook is stable.

The agency also said it assigned a preliminary recovery rating of 2 and preliminary issue rating of BB- to the secured bank loans and the secured bond to be issued by Matterhorn Mobile SA, a subsidiary of Matterhorn Mobile Holdings, which would guarantee the securities.

The agency also said it assigned a preliminary recovery rating of 6 and preliminary issue rating of B- to the senior bond to be issued by Matterhorn Mobile Holdings.

The ratings are constrained by Matterhorn's aggressive financial risk profile following its CHF 1.9 billion leveraged buyout from France Telecom, S&P said, and supported by its fair business risk profile.

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