Fitch lifts eircom secured ratings

Fitch Ratings said it affirmed eircom Holdings (Ireland) Ltd.'s long-term issuer default rating at B+ with a stable outlook and upgraded the senior secured ratings to BB from BB-.

The ratings reflect eir's position as the leading telecoms operator in a competitive Irish market, Fitch said.

The recent change in ownership so far has proven to be broadly credit positive, reflected by operational improvements achieved during the first half of the financial year ending June 2019, the agency said.

The resulting profitability and cash-flow improvements and a lower cost base with declining restructuring costs should increase eir's de-leveraging capacity in the medium term, Fitch said.

The agency said it upgraded the company's senior secured notes due to the strengthened EBITDA and improved recovery prospects post restructuring.

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