Moody’s gives TDC securities Ba2

Moody's Investors Service said it assigned a Ba2 long-term rating to TDC A/S's proposed issuance of 'subordinated capital securities' on a junior subordinated basis.

TDC’s senior unsecured ratings are unaffected and remain Baa3.

The outlook is stable.

TDC will issue the hybrid bond under its €5.5 billion medium-term note program, which Moody's has simultaneously rated provisional Ba2 for junior subordinated bond issues. The size of the hybrid bond remains subject to market conditions.

"The Ba2 rating assigned to the hybrid debt is two notches below TDC's senior unsecured rating of Baa3, primarily because the bonds are deeply subordinated to other debt and only senior to common equity in the company's capital structure," Carlos Winzer, Moody's senior vice president and lead analyst for TDC, said in a news release.

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