Fitch downgrades TDC

Fitch Ratings said it downgraded TDC A/S’s long-term issuer default rating and senior unsecured notes rating to BBB- from BBB and subordinated hybrid securities to BB from BB+.

The outlook is stable.

The agency also said it affirmed the company’s short-term issuer default rating at F3.

Following the company’s acquisition of Norwegian cable operator Get, the pace of de-leveraging will be slower than originally expected, which led to the downgrade, Fitch said.

The slower de-leveraging is due to ongoing weakness in TDC’s domestic operations as a result of competitive and regulatory pressures impacting revenues and margins, the agency said.

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