S&P rates Matterhorn Telecom notes B

S&P said it assigned a B rating to the €400 million fixed-rate senior secured notes to be issued by Matterhorn Telecom.

The recovery rating is 3, indicating 50% to 70% expected default recovery.

S&P also said it affirmed the B rating on the group's outstanding senior secured notes issued by Matterhorn Telecom.

The agency also affirmed the CCC+ rating on the group's existing unsecured notes issued by Matterhorn Telecom Holding.

The terms of the proposed debt's documentation are more issuer-friendly than the stricter terms of the documentation of the remaining debts, S&P said.

This is evidenced by the broadening of the incurrence test under the notes from a maximum 4.5x to 5.0x consolidated net leverage ratio, the agency explained, and increases of other permitted baskets.

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