Fitch downgrades eir loan, notes

Fitch Ratings said it downgraded Eircom Finco Sarl's and eircom Finance DAC's senior secured instrument ratings to BB- from BB and removed them from rating watch negative. The recovery rating is revised to RR3 from RR2.

“The downgrade reflects our view that the recovery prospects on eir's senior secured instruments raised at the two finance companies are weaker following the sale of a large minority interest at Fibre Networks Ireland Ltd. (FNI) and the issue of new secured debt at FNI. The rating watch has been removed given greater visibility over eir's debt buyback plans and the size of debt that will remain outside of FNI,” Fitch said in a press release.

The agency also affirmed eircom Holdings (Ireland) Ltd.'s long-term issuer default rating at B+ with a stable outlook.

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