S&P upgrades Invitel

Standard & Poor's said it raised the long-term corporate credit rating on Invitel Holdings A/S and related issuers Magyar Telecom BV and HTCC Holdco I BV to CCC+ from SD, reflecting a review of the group's capital structure and liquidity profile after completing three debt exchange offers.

The agency upgraded Magyar's €142 million 10¾% notes due 2012 and €200 million floating-rate notes due 2013, and the issue rating on HTCC's €125 million junior subordinated payment-in-kind notes due 2013 to CCC- from D. The senior secured €165 million credit facilities at the group's subsidiary Invitel Zrt. were raised to CCC+ from CC.

The outlook is stable.

"The rating actions reflect our assessment of Invitel Holdings' financial risk profile as still highly leveraged coupled with weak liquidity," S&P analyst Matthias Raab said in a statement.

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