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S&P lowers Tim Hellas
Standard & Poor's said it lowered its long-term corporate credit ratings on Tim Hellas Telecommunications SA and related entities to B from B+.
The outlook is stable.
The agency added that the downgrade follows the leveraged recapitalization undertaken by Tim Hellas' private equity owners.
At the same time, S&P said it affirmed its outstanding B senior secured debt rating on related entities Hellas Telecommunications (Luxembourg) V and lowered its debt rating on Hellas Telecommunications (Luxembourg) III (Hellas III) to CCC+ from B-.
Furthermore, the recovery rating on Hellas V's €1.125 billion senior secured notes was raised to 2, S&P said.
Simultaneously, all ratings were taken off CreditWatch with developing implications, where they had been placed on Oct. 27, 2006, following news of a potential sale of the business, according to the agency, which added that it assigned its preliminary B debt rating and a recovery rating of 2 to Hellas V's proposed additional issuance of €100 million of senior secured notes due October 2012 and its preliminary CCC+ debt rating to Hellas Telecommunications (Luxembourg) II (Hellas II)'s proposed €1.1 billion of subordinated notes due January 2015 and to Hellas Telecommunications Finance SARL's proposed €200 million PIK notes due July 2015.
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