Fitch affirms TDC

Fitch Ratings said it affirmed the long-term issuer default rating of TDC A/S at BB and short-term issuer default rating at B, along with its senior secured facilities at BB+, senior unsecured notes at BB and Angel Lux Common SA's unsecured notes at BB-.

The outlook is positive.

News of TDC's intended disposal of Sunrise to CVC Capital Partners for cash proceeds of CHF 3.3 billion follows the regulatory block on the merger of Sunrise and Orange Switzerland that occurred earlier in the year, Fitch said.

Although Fitch acknowledged that this transaction could potentially accelerate TDC's deleveraging profile, the company has not detailed the intended use of the cash proceeds at this stage.

The ratings are supported by its domestic incumbent status, Fitch said.

But, the ratings are constrained by TDC's financial profile and limited geographical footprint covering the Nordic region and, until now, Switzerland, the agency said.

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