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.
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