Moody's may up Oskar, MobiFon

Moody's Investors Service said it placed on review for possible upgrade the ratings of Oskar Holdings NV and Oskar as and those of MobiFon Holdings BV and MobiFon SA following the announcement that their holding company, TIW Inc., is to sell its ownership interests in both entities to Vodafone Group plc (rated A2).

On review are Oskar Holdings' B1 senior implied rating and B3 senior unsecured issuer rating, Oskar Mobil's B1 rated €325 million senior secured notes due 2011, MobiFon Holdings' B1 senior implied rating and B3 rated $225 million senior notes due 2010 and MobiFon's B1 rated $300 million senior secured facilities due 2008.

According to TIW's announcement, the holding company will sell its ownership interests in Oskar (100% ownership) and MobiFon (79% ownership) to Vodafone through a sale of its interests in ClearWave NV, an indirect 99.99% owned subsidiary.

Moody's said its decision to place the ratings of both entities on review for possible upgrade reflects the rating agency's expectations of potential operational and financial advantages associated with ownership by a highly rated strategic investor.

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