Moody's upgrades Completel

Moody's Investors Service said it upgraded Completel SAS' corporate family rating and €80 million senior notes due 2012 to B2 from B3 and its probability-of-default rating to B1 from B2.

The outlook is stable.

The agency said the upgrade reflects Completel's successful execution of the expansion plan announced in July 2005 and its improved operational performance, which Moody's expects to result in an enhancement in the company's credit metrics for 2007. Specifically, the total debt-to-EBITDA ratio is expected to fall to below 3x by the end of the year from 4.8x at the end of 2006.

The upgrades also reflects Moody's expectation that Completel will continue to deleverage while its profitability improves and that it will achieve a free cash flow positive position by the fourth quarter.

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