S&P may up TDC

Standard & Poor's said it is keeping the BB long-term corporate credit ratings on TDC A/S and its immediate parent company, NTC SA, on CreditWatch with positive implications. The agency also said it placed the B short-term ratings on TDC on CreditWatch with positive implications.

The agency said it decided to change the CreditWatch implications on the BBB- issue rating on TDC's senior secured facilities, the BB issue rating on TDC's euro medium-term notes due 2012 and 2015 and the BB issue rating on NTC's subordinated notes due 2016.

The ratings reflect the limited visibility of the group's financial policy and its shareholder and capital structure, S&P said.

Further constraints include the company's still high adjusted leverage and a view of limited revenue growth in the mature, competitive and regulated Danish market, the agency said.

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