Fitch ups TDC outlook to positive

Fitch Ratings said it has revised TDC A/S's outlook to positive from stable due to the company's improving operational metrics and continued deleveraging.

At the same time, the agency said it has affirmed the company's long-term issuer default rating at BB- and short-term issuer default rating at B while all of the instrument ratings are affirmed at their current levels and listed at the end of this commentary.

"While the deleveraging to-date is a positive development, it is mainly the improvement in EBITDA trends in TDC's core Nordic businesses which supports the positive outlook," said Michelle De Angelis, senior director in Fitch's leveraged finance team.

"A continuation of the improvements in EBITDA margins, which offsets the effect of downward revenue pressures and provides greater visibility for the company's medium-term EBITDA and cash flow generation potential, will be key in determining further positive rating momentum in 2009."

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