Moody's lifts True to stable

Moody's Investors Service said it changed the outlook from negative to stable on the B2 corporate family rating of True Corp. PCL and the B2 corporate family and senior unsecured bond ratings of True Move Co. Ltd.

The change in outlook follows news that 98% of True Move's holders of its notes due in 2013 and 95% of holders of its notes due in 2014 have tendered their holdings, Moody's said, and provided consent to the proposed amendments to both bond indentures under the terms of the company's offer to purchase and consent solicitation.

The consents received are sufficient to effect all proposed amendments to the indentures, including to substantially eliminate all restrictive covenants, certain events of default and related provisions contained in the indentures governing the notes, the agency said, and shorten the notice period for redemption of the notes.

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