S&P brands Invitel restructuring distressed exchange

Standard & Poor’s downgraded Invitel to ‘CC’ with a negative outlook on Thursday, following the announcement of the Hungarian telecoms group’s debt restructuring, which the agency has classified as a distressed exchange.

  • 01 Oct 2009

“The negative outlook reflects our view that if Invitel Holdings were to successfully complete its capital restructuring as proposed, we would lower the ratings on the affected debt instruments to ‘D’ (default),” said Standard & Poor’s credit analyst Michael O’Brien.

The agency added that it would lower the ...

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