Moody's changes eir outlook to negative

Moody's Investors Service said it changed its outlook to negative from stable for eircom Holdings (Ireland) Ltd., the parent company of Eircom Ltd.

"The change in outlook to negative from stable takes into account eir's weaker than expected operating performance owing to increased operating costs and lower customer volumes. As result, leverage has increased, positioning the company weakly in the B1 rating category," said Ernesto Bisagno, a Moody's vice president, senior credit officer and lead analyst for eir, in a press release.

Concurrently, Moody's affirmed the company's B1 corporate family rating, B1-PD probability of default rating, the B2 backed senior secured ratings at eircom Finance Designated Activity Co., and the B2 backed senior secured term loan at eircom Finco Sarl.

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