Moody's cuts Magyar outlook to negative

Moody's Investors Service said it has changed the outlooks of Magyar Telecom BV to negative from stable.

The agency noted that Magyar Telecom is a wholly owned subsidiary of Invitel Holdings A/S and the rating of Ba1 on the senior secured facility has been withdrawn while the corporate family rating of B1 and the ratings on the existing bonds have been affirmed.

According to Moody's, the change in the outlook reflects challenges associated with a weak economic environment in Hungary and, as a consequence, a continued pressure on the company's revenue as well as limited covenant headroom under the newly arranged senior secured facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.