Fitch assigns BB+ to TDC loan

Fitch Ratings said it assigned TDC A/S' €3.9 billion term loan B an expected rating of BB+(EXP).

The loan is secured with bank accounts, intra-group receivables, and shares in both TDC and material subsidiaries.

The agency estimates recoveries for the secured loan at 100%, corresponding to a recovery rating of RR1. This implies a three-notch uplift to TDC's long-term issuer default rating of B+, resulting in the BB+ rating for the term loan, Fitch explained.

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