Tele Norte local currency IDR affirmed at 'BBB-' with stable outlook - Fitch |
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Published
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Wed, 17 Oct 2007 07:03
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MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed Tele Norte Leste Participacoes SA's (TNE) local currency issuer default rating at 'BBB-' with a stable outlook and removed the ratings from negative watch.The rating actions reflect the decision by Telemar Participacoes SA to no longer proceed with the leveraged buyout of TNE and its unit Telemar Norte Leste SA (TMAR) shares, the ratings agency said.Fitch said it has upgraded the company's foreign currency IDR to 'BBB-' from 'BB+' and affirmed its national scale rating at 'AA+(bra)' removing it from negative watch.TMAR and TNE local currency IDRs could be rated one notch higher if uncertainty about long term capital structure clears and credit metrics and financial profile maintained, Fitch said.tfn.newsdesk@thomson.comnet/bsu/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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