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S&P drops Invitel to CCC+
Standard & Poor's said it lowered the long-term corporate credit rating on Invitel Holdings A/S to CCC+ from B.
The outlook is negative.
"The downgrade primarily reflects our rising concerns over the company's liquidity prospects resulting from its demanding debt maturity profile, in particular from 2010, its constrained free cash flow generation due to the difficult economic environment in Hungary and Eastern Europe, and the risks associated with its tight covenant headroom," S&P analyst Matthias Raab said in a statement.
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