S&P changes eircom to positive

Standard & Poor's said it revised its outlook on eircom Holdings (Ireland) Ltd. to positive from stable.

At the same time, the agency affirmed its B long-term corporate credit rating on eircom, as well as the B issue rating on its senior secured debt. The recovery rating on the debt is unchanged at 3, indicating an expectation of meaningful recovery prospects in the event of default in the lower half of the 50%-70% range.

S&P said the outlook revision follows eircom’s better-than-anticipated revenue growth in the first half of the financial year ending June 2016, which led the agency to revise upward its base case for the full financial year 2016 and financial 2017. S&P now forecasts 2%-3% revenue growth compared with about 1% revenue decline in its previous base case.

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