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S&P downgrades TDC to junk
S&P said it lowered the long-term issuer credit rating on TDC A/S to B+ from BBB-, along with its short-term issuer credit rating to B from A-3.
The outlook is stable.
The agency also said it lowered the long-term issue credit rating on TDC's senior unsecured debt to B+ from BBB- and assigned a 3 recovery rating, reflecting 55% expected default recovery.
S&P also said it removed all of the ratings, except the hybrid debt, from CreditWatch, where they were placed with negative implications in February.
The BB issue ratings on TDC's hybrid debt remain on CreditWatch with negative implications.
The downgrade reflects an assessment that TDC is a core subsidiary of its ultimate parent, DKT Holdings ApS, given that it essentially encompasses the group's entire operations.
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