Fitch upgrades eircom, debt

Fitch Ratings said it upgraded eircom Holdings (Ireland) Ltd.’s long-term issuer default rating to B+ from B.

The outlook is stable.

The agency simultaneously upgraded eir's senior secured ratings to BB-/RR3 from B+/RR3.

Fitch said the upgrade reflects eir's improved operational performance and free cash flow (FCF) generation leading to lower leverage as eir continues its successful business transformation.

FCF should improve further over the medium-term even with stable capex as EBITDA continues to grow and cash restructuring costs fall, resulting in a deleveraging profile, the agency added.

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