S&P cuts Invitel to SD

Standard & Poor's said it lowered the long-term corporate credit rating on Invitel Holdings A/S and related entities Magyar Telecom BV and HTCC Holdco I BV to SD from CC, indicating selective default and reflecting the completion of three debt exchange offers.

The outlook is negative.

The agency downgraded Magyar's €142 million 10¾% notes due 2012 and €200 million floating-rate notes due 2013 and HTCC's €125 million subordinated payment-in-kind notes due 2013 to D from C. The rating on the senior secured €165 million credit facilities at group subsidiary Invitel Zrt. remains CC.\par The corporate credit rating on the group remains constrained by the group's demanding debt maturity profile in 2010 and 2011 and very high leverage, the agency noted.

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