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S&P ups TDC notes to BB-, Nordic notes to B+
Standard & Poor's said it revised ratings on TDC A/S (BB-/stable/B) unsecured notes due 2012 to BB- from B, in line with the corporate credit rating, and the recovery rating to 4 from 6.
The agency also revised the rating on the subordinated notes issued by TDC's indirect parent Nordic Telephone Co. Holding ApS (BB-/stable) due 2016 to B+ from B and the recovery rating to 5 from 6.
The loan rating on TDC's €7.5 billion senior secured facilities remains unchanged at BB+ with 1 recovery rating.
"We have valued the business as a going concern because, given TDC's satisfactory business risk profile and leading market position, we believe that a default would most likely result from excessive leverage," S&P analyst Carlo Castelli said in a written statement.
"The improved recovery rating for the subordinated and unsecured debt issues reflect the significant redemption of the senior facilities over the past 12 months to March 31, 2008," Castelli said.
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