S&P lowers Magyar Telecom

Standard & Poor's said it lowered the long-term corporate credit rating on Magyar Telecom BV to CCC from CCC+, along with the rating on its €350 million senior secured notes due 2016 to CCC from CCC+.

The outlook is negative.

The downgrades reflect a decision to revise Magyar Telecom's liquidity profile to weak from less than adequate, S&P said.

The group's liquidity is likely to weaken further in 2013 primarily because meaningful negative free operating cash flow generation is expected due to continued pressure on revenues and margins in a challenging macroeconomic, competitive and regulatory environment, the agency said.

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