Moody’s upgrades eircom, facility, notes

Moody's Investors Service said it upgraded eircom Holdings (Ireland) Ltd.’s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, the agency upgraded the rating on the €1.7 billion senior secured credit facility raised by eircom Finco Sarl and the €700 million senior secured notes due 2022 issued by eircom Finance DAC to B1 from B2.

The outlook is stable.

"The upgrade of eir's ratings to B1 primarily reflects our expectation that the company's operating performance will continue to improve over the next 12-18 months driven by cost savings and moderate underlying revenue growth on the back of its strengthened business profile helped by management's solid execution of the strategy. This improvement will support a gradual de-leveraging profile to reach leverage levels, as measured by Moody's adjusted debt/EBITDA, sustainably below 5x in the next 18 months," Laura Perez, Moody's vice president, senior analyst and lead analyst for eir, said in a news release.

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