Fitch: Coditel B, bonds B+

Fitch Ratings said it assigned a long-term issuer default rating of B to Coditel Holding Lux Sarl, along with an expected rating of B+ with a recovery rating of RR3 on the senior secured bonds issued by Coditel Holding SA, a wholly owned subsidiary of Coditel.

The outlook is stable.

The ratings take into account the company's relatively small scale, technologically advanced network in its franchise areas and established management, Fitch said.

The ratings also factor in a relatively high leverage metric, but a free cash flow margin that will likely result in the company deleveraging relatively quickly, the agency said.

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