Moody's ups Invitel, rates notes Caa1

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of Magyar Telecom BV (Invitel) to Caa1 and Caa1-PD from Ca and Ca-PD, respectively.

Concurrently, the agency assigned a provisional Caa1 rating to Invitel's €150 million new senior secured notes due 2018.

The outlook is negative.

Moody's said the upgrade reflects Invitel's improved leverage and liquidity profile following the expected completion of the company's debt restructuring.

Following this transaction, the company's outstanding debt will reduce to around €150 million from €350 million leading to Moody's adjusted leverage expectations of around 3.3x by year end 2013 compared to 4.9x at year-end 2012.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.