S&P might lift Sunrise Communications

Standard & Poor's said it placed its B+ corporate credit rating and issue ratings on Switzerland-based telecommunications company Sunrise Communications Holdings SA on CreditWatch with positive implications.

The CreditWatch placement follows Sunrise’s Jan. 14 announcement that it is planning an IPO on SIX Swiss Exchange. According to Sunrise's announcement, the expected gross proceeds from the primary offering are CHF 1.35 billion, which Sunrise will use to deleverage its balance sheet and materially reduce the cost of debt.

Sunrise's plans to refinance all of its existing debt with new bank loans and notes by Feb. 18, 2015, should also help to materially reduce Sunrise's cost of debt, S&P said.

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