S&P may lift Invitel

Standard & Poor's said it placed the CCC+ long-term corporate credit rating on Invitel Holdings A/S and related issuers Magyar Telecom BV and HTCC Holdco I BV on CreditWatch positive, reflecting the group's a proposed $340 million senior secured notes issue.

The agency placed ratings on Magyar Telecom's $131 million 10¾% notes due 2012 and $126 million floating-rate notes due 2013 and HTCC Holdco's $125 million junior subordinated payment-in-kind notes due 2013 on CreditWatch positive.

S&P also placed the senior secured ratings on $165 million credit facilities at the group's subsidiary Invitel Zrt. on CreditWatch positive.

The agency assigned a CCC+ rating to the proposed $340 million senior secured bond due 2016 to be issued by Magyar Telecom and placed the rating on CreditWatch positive.

"The rating actions reflect our assessment of the positive implications of Invitel Holdings' liquidity profile of the proposed refinancing, which, if completed, would alleviate the group's demanding debt maturity profile and increase cash on hand by about $24 million, according to the information we have today," S&P analyst Matthias Raab said in a statement.

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