Moody's upgrades Bite Finance

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Bite Finance International BV B3 from Caa1.

Moody's also upgraded the rating on the senior secured notes due 2014 to B3 from Caa1 and the rating on the stub of unsecured notes due 2017 to Caa2 from Caa3.

The outlook is stable.

Moody's said the rating recognizes the risks associated with: (a) The company's relatively small scale in the global telecommunications industry; (b) its narrow geographical focus on the Lithuanian and Latvian markets; (c) its relatively weak market position as a "challenger" in Latvia; and (d) the company's weak liquidity profile, which will be challenged as its revolving credit facility expires over the next six months.

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