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Moody's trims TDC Holding
Moody’s Investors Service said it lowered the ratings on TDC Holding A/S’ €500 million of senior unsecured notes due March 2022 and the £425 million of senior unsecured notes due February 2023 issued under the EMTN program. The agency also lowered the program’s rating to (P)B2 from (P)B1.
The downgrade follows TDC NET A/S entering €3.3 billion of committed new bank facilities and established a new secured infrastructure financing platform, while Nuuday A/S entered a new revolving credit facility.
“Moody's acknowledges that the structural subordination of TDC's creditors relative to the creditors at operating companies is removed owing to the Danish statutory demerger liability under the Danish Companies Act, under which TDC's creditors may claim directly against TDC NET and Nuuday on a senior unsecured basis if their claim is not satisfied,” the agency said in a press release.
Proceeds from TDC NET’s financings have been partially used to repay debt at the TDC Holding level, including the €1.9 billion senior secured term loan B3 and drawings under the €845 million senior secured revolving credit facilities, of which €500 million are rated by Moody's. Following the establishment of separate stand-alone financings at TDC NET and Nuuday, the only remaining debt outstanding at TDC level are the €500 million senior unsecured notes due in March 2022 and the £425 million senior unsecured notes due in February 2023.
Concurrently, the agency affirmed the remaining ratings of the DKT Holdings ApS group, the indirect parent of TDC, including its B2 corporate family rating, its B2-PD probability of default rating and the Caa1 ratings on the €1.05 billion and $410 million of backed senior secured notes issued by DKT Finance ApS.
The outlook is stable.
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