TDC's credit rating has been changed by Standard & Poor's on April 11, 2006. TDC's rating was lowered to "BB-" for its long term corporate credit with a Stable outlook from "BB" with negative outlook. TDC's new Senior Secured Facility (cf. TDC's Stock Exchange Release no. 17 of March 3, 2006) was assigned "BB-". TDC's senior unsecured long-term rating on the existing EMTN bonds was lowered to "B" from "BB" reflecting the downgrade of the corporate credit rating and the legal subordination of the debt versus the new Senior Secured Facility. TDC's short term credit rating is unchanged at "B".
The change in credit rating is the result of a review and evaluation undertaken by S&P and reflects primarily the new leveraged capital structure of TDC following the completion of the tender offer by NTC to TDC's shareholders in January 2006.
For further information please contact TDC Investor Relations at +45 3343 7680.