Moody's: Invitel negative

Moody's Investors Service said it changed the outlook on Magyar Telecom BV's (Invitel) to negative from stable.

The change in outlook reflects the view that Invitel's operating and financial performance has been further challenged in 2010 by the prolonged downturn in Hungary and continuing strong competitive pressures exercised by the incumbent telecom operator, the agency said.

The B2 corporate family rating continues to reflect the company's overall sound profitability levels and resulting positive free cash flow profile, Moody's said.

The rating is constrained by the company's relatively limited financial flexibility, the agency said.

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