Moody's cuts C&M

Moody's Investors Service said it downgraded C&M Co. Ltd.'s local-currency corporate family rating and C&M Finance Ltd.'s senior unsecured bond rating to B3 from B2.

The outlook is stable.

The downgrade reflects C&M's high consolidated debt-to-EBITDA metrics of 9.2x in 2009 with limited prospect for material deleveraging in the near term, Moody's said.

The company continues to see intense competition from the larger and better capitalized telecommunications operators, the agency said.

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