Magyar Telekom withdraws credit ratings from S&P, Moody's

By Laura Lutz

Des Moines, Nov. 15 - Magyar Telekom is withdrawing its credit ratings from both Standard & Poor's and Moody's Investors Service, according to a news release from the company.

Magyar Telekom said it has no outstanding debt in the public market or any current medium-term note program, and the company said it "does not plan to access the public debt markets for funding in the foreseeable future."

The company said it currently has an A- credit rating from S&P and a Baa1 rating from Moody's.

As of Sept. 30, the company had total outstanding debt of 375.9 billion Hungarian forints.

Magyar is a Budapest-based telecommunications service provider.

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