S&P: Iesy watch to developing

Standard & Poor's said it revised the CreditWatch implications on its B long-term corporate credit rating on Iesy GmbH to developing from negative, following preliminary analysis of the proposed acquisition of Kabelnetz NRK Ltd., the parent of ish GmbH & Co. KG.

In addition, the CreditWatch implications on the CCC+ rating on the €215 million subordinated notes maturing in 2015, issued by related entity Iesy Repository GmbH, and the B rating on the undrawn €230 million senior secured credit facility, arranged at the level of Iesy's fully owned operating company Iesy Hessen GmbH & Co. KG, were also revised to developing.

S&P said it will continue to review the proposed transaction to assess whether it is in line with earlier expectations. S&P is reviewing the new capital structure, amortization schedule, covenant headroom and business profile of the combined entity, as well as the potential benefits to be garnered from the transaction.

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