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NII Holdings Inc. Senior Unsecured Notes Cut To 'CCC+' On Proposed $350M Upsize, Recovery Rating Revised Feb 13 Product Image

NII Holdings Inc. Senior Unsecured Notes Cut To 'CCC+' On Proposed $350M Upsize, Recovery Rating Revised Feb 13

  • ID: 2405493
  • February 2013
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Feb. 11, 2013--Standard & Poor's Ratings Services said today that it lowered its issue-level rating on Reston, Va.-based wireless carrier NII Holdings Inc.'s proposed senior unsecured notes due 2019 to 'CCC+' from 'B-' and revised the recovery rating to '5' from '4'. The notes are being upsized to $750 million from $400 million. The '5' recovery rating indicates our expectation for modest (10% to 30%) recovery in the event of a payment default. NII International Telecom S.C.A (NII International), a wholly owned subsidiary of NII, is issuing the notes. The lower issue-level rating reflects diminished recovery prospects for the noteholders at this entity, given the increase in the proposed debt issuance. (See the complete recovery...

Companies mentioned in this report are:
- NII Holdings Inc.
- NII International Telecoms S.C.A.

Action: Downgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- NII Holdings Inc.
- NII International Telecoms S.C.A.

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