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Moody's affirms True Move
Moody's Investors Service said it affirmed the B2 corporate family ratings on True Corp. PCL and its 98.9%-owned subsidiary, True Move Co. Ltd.
The agency also affirmed True Move's B2 senior unsecured bond ratings.
The outlook remains negative.
Although True Corp's consolidated financial profile has improved moderately since 2008, a number of factors - True Move's weak liquidity, the ongoing need for covenant waivers and further equity injection requirements - underpin the negative outlook for both companies, Moody's said.
Moody's said it is concerned about execution risks in relation to the company's HSPA 3G upgrade and the migration of subscribers from the CDMA network to the new HSPA platform.
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