Research Update: Danish Telecom Operator TDC A/S Upgraded To 'BBB/A-2' On Successful Share Offering And Debt Redemption; Outlook Stable

Standard & Poors, December 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
Denmark-based telecommunications operator TDC A/S' majority shareholder NTC S.A. has completed a secondary share offering. NTC has used a portion of the sales proceeds to redeem all of its outstanding high-yield bonds. We are raising our long-term credit ratings on TDC and NTC to 'BBB' from 'BB' and the short-term rating on TDC to 'A-2' from 'B'. The stable outlook reflects our expectation that TDC will be able to sustain its revenue base and solid free cash flow generation amid tough competitive pressure. On Dec. 15, 2010, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Danish telecommunications operator TDC A/S and its immediate parent NTC S.A. to 'BBB' from 'BB'. In addition, the short-term rating on...

Companies mentioned in this report are: TDC A/S,NTC S.A.
Action: Outlook: Stable
Action: Upgraded

TDC A/S,NTC S.A.

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