Imark
Forumer storico
Sempre su Invitel, l'opinione di Moody's che aggiunge ulteriori indicazioni sul limitato spazio disponibile in termini di flessibilità finanziaria per la società operativa sottostante (Magyar Telecom) per effetto dei covenants di rifinanziamento del debito emesso (una facility senior secured ed un prestito ponte varato all'atto dell'acquisto di Invitel da parte della ex HTCC, oggi Invitel A\S).
In realtà questa operazione di rifinanziamento sembra fatta non tanto perché i (ri)finanziatori siano convinti che la società non defaulterà, ma per consentire loro di guadagnare una posizione di maggior privilegio creditizio nella probabile ipotesi di un default.
Le probabilità che non ci sia default è legata ad un meccanismo di copertura parziale (hedging) rispetto alle fluttuazioni dei rapporti di cambio fra HUF, valuta in cui sono realizzati i ricavi di Magyar telecom, ed EUR e USD, valute in cui è denominato il debito in capo alla telecom.
Moody's evidenzia anche come Invitel - Magyar Telecom sia un asset non strategico per TDC, suo azionista di maggioranza, che potrebbe venderla non appena dovesse emergere una tale possibilità.
In realtà il problema sarebbe, nel caso, quello di reperire dei compratori...
[FONT=verdana,arial,helvetica]Moody's changes outlook on Magyar Telecom's B1 CFR to negative from stable[/FONT]
[FONT=verdana,arial,helvetica]London, 09 March 2009 -- Moody's Investors Service has today changed the outlook on the ratings of Magyar Telecom B.V. ("Magyar Telecom" or "the company") to negative from stable. Magyar Telecom is a wholly-owned subsidiary of Invitel Holdings A/S. The rating of Ba1 on the senior secured facility has been withdrawn whilst the corporate family rating of B1 and the ratings on the existing bonds have been affirmed. [/FONT]
[FONT=verdana,arial,helvetica]The change in the rating outlook reflects challenges associated with a weak economic environment in Hungary and, as a consequence, a continued pressure on the company's revenue as well as limited covenant headroom under the newly arranged senior secured facility. In Q3 2008, revenue declined by 6% in Hungarian Forint (HUF) year-on-year. At the same time, revenue growth from the Internet services has slowed; e.g. revenue from Mass Market Internet grew by 2% in Q3 2008 versus Q3 2007. Although Moody's notes that the company was able to grow its EBITDA and EBITDA margin year-on-year, the rating agency is concerned about the company's future operating and financial trends, particularly in light of challenging economic conditions. [/FONT]
[FONT=verdana,arial,helvetica]Furthermore, the company has limited covenant headroom under its newly negotiated bank facility. The company has a significant exposure to foreign exchange risk as the majority of its debt is denominated in EUR whilst the majority of its revenue (approximately 75%) is generated in HUF. The company recently completed refinancing of its senior secured and EUR100 million bridge facilities. Moody's notes that the company has limited headroom under some of its covenants under the new facility on the back of a weak exchange rate and potential of further depreciation of the Hungarian forint against EUR. Although at this stage Moody's believes that there is a relatively low probability of the company breaching its covenants, the limited covenant headroom does increase financial risk. Moody's will monitor the company's compliance with the covenants and the headroom. In the event headroom should diminish further, downward pressure on the rating is likely. [/FONT]
[FONT=verdana,arial,helvetica]Furthermore, Moody's notes that there are still some uncertainties regarding the company's shareholding structure in the near to medium term. Magyar Telecom terminated its strategic review initiated in 2008. However, Moody's believes that the company remains a non-core asset of its majority shareholder, TDC A/S, which is likely to seek to sell the company when the opportunity arises. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action was on 14 March 2008 when the corporate family rating was confirmed at B1 with a stable outlook.[/FONT]
In realtà questa operazione di rifinanziamento sembra fatta non tanto perché i (ri)finanziatori siano convinti che la società non defaulterà, ma per consentire loro di guadagnare una posizione di maggior privilegio creditizio nella probabile ipotesi di un default.
Le probabilità che non ci sia default è legata ad un meccanismo di copertura parziale (hedging) rispetto alle fluttuazioni dei rapporti di cambio fra HUF, valuta in cui sono realizzati i ricavi di Magyar telecom, ed EUR e USD, valute in cui è denominato il debito in capo alla telecom.
Moody's evidenzia anche come Invitel - Magyar Telecom sia un asset non strategico per TDC, suo azionista di maggioranza, che potrebbe venderla non appena dovesse emergere una tale possibilità.
In realtà il problema sarebbe, nel caso, quello di reperire dei compratori...
[FONT=verdana,arial,helvetica]Moody's changes outlook on Magyar Telecom's B1 CFR to negative from stable[/FONT]
[FONT=verdana,arial,helvetica]London, 09 March 2009 -- Moody's Investors Service has today changed the outlook on the ratings of Magyar Telecom B.V. ("Magyar Telecom" or "the company") to negative from stable. Magyar Telecom is a wholly-owned subsidiary of Invitel Holdings A/S. The rating of Ba1 on the senior secured facility has been withdrawn whilst the corporate family rating of B1 and the ratings on the existing bonds have been affirmed. [/FONT]
[FONT=verdana,arial,helvetica]The change in the rating outlook reflects challenges associated with a weak economic environment in Hungary and, as a consequence, a continued pressure on the company's revenue as well as limited covenant headroom under the newly arranged senior secured facility. In Q3 2008, revenue declined by 6% in Hungarian Forint (HUF) year-on-year. At the same time, revenue growth from the Internet services has slowed; e.g. revenue from Mass Market Internet grew by 2% in Q3 2008 versus Q3 2007. Although Moody's notes that the company was able to grow its EBITDA and EBITDA margin year-on-year, the rating agency is concerned about the company's future operating and financial trends, particularly in light of challenging economic conditions. [/FONT]
[FONT=verdana,arial,helvetica]Furthermore, the company has limited covenant headroom under its newly negotiated bank facility. The company has a significant exposure to foreign exchange risk as the majority of its debt is denominated in EUR whilst the majority of its revenue (approximately 75%) is generated in HUF. The company recently completed refinancing of its senior secured and EUR100 million bridge facilities. Moody's notes that the company has limited headroom under some of its covenants under the new facility on the back of a weak exchange rate and potential of further depreciation of the Hungarian forint against EUR. Although at this stage Moody's believes that there is a relatively low probability of the company breaching its covenants, the limited covenant headroom does increase financial risk. Moody's will monitor the company's compliance with the covenants and the headroom. In the event headroom should diminish further, downward pressure on the rating is likely. [/FONT]
[FONT=verdana,arial,helvetica]Furthermore, Moody's notes that there are still some uncertainties regarding the company's shareholding structure in the near to medium term. Magyar Telecom terminated its strategic review initiated in 2008. However, Moody's believes that the company remains a non-core asset of its majority shareholder, TDC A/S, which is likely to seek to sell the company when the opportunity arises. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action was on 14 March 2008 when the corporate family rating was confirmed at B1 with a stable outlook.[/FONT]
