S&P lowers Invitel

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 1 BV to CC from CCC+, on subsidiary Invitel Zrt.'s senior secured €165 million credit facilities to CC from CCC+, on Magyar Telecom BV's €200 million floating-rate notes due 2013 and €142 million 10¾% notes due 2012 and the issue rating on HTCC Holdco 1 BV's €125 million subordinated payment-in-kind notes to C from CCC-.

The outlook is negative.

The downgrade follows a capital restructuring resulting from the group's very high leverage and weak liquidity and an ownership change at Invitel Holdings, according to the agency.

S&P said it views any distressed exchange offer as tantamount to default.

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