S&P keeps Valentia Telecommunications on watch

Standard & Poor's said it kept its BB+ long-term corporate credit rating on Valentia Telecommunications upc on CreditWatch with negative implications, where it was placed on Feb. 22.

The agency said that the CreditWatch update follows an offer by BCM Ireland Holdings Ltd., a newly incorporated company funded by Babcock & Brown Capital Ltd. and certain affiliates and eircom ESOP Trustee Ltd.

The CreditWatch placement reflects the expected material weakening of Valentia's credit quality as a result of the takeover by BCM, S&P noted, adding that if the transaction completes in line with preliminary indications, the new capital structure is expected to include debt of more than €3.8 billion, which amounts to an increase of at least €1.4 billion from current levels.

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