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Rating Action:

Moody's changes outlook on eircom's B3 ratings to positive

29 May 2015

Assigns B3 rating to new tranche of bank facility

Madrid, May 29, 2015 -- Moody's Investors Service has today affirmed the B3 corporate family rating (CFR) of eircom Holdings (Ireland) Limited (eircom), its B3-PD probability of default rating (PDR), the B3 rating on the EUR2.0 billion senior secured credit facility raised by eircom Finco S.à.r.l. and the B3 rating on the EUR350 million senior secured notes due 2020 issued by eircom Finance Limited. The rating outlook for eircom and its rated subsidiaries has been changed to positive from stable. Concurrently, Moody's has also assigned a B3 rating to Term Loan B3 borrowed by eircom Finco S.à.r.l., a new tranche of the existing term loan facility.

"Our decision to change the outlook on eircom's B3 ratings to positive primarily reflects our view that the company's operating performance will improve over the next 12-18 months, mainly driven by price increases, while it will start generating positive free cash flows that will allow it to slowly reduce debt," says Iván Palacios, a Moody's Vice President -- Senior Credit Officer and lead analyst for eircom. "As a result, eircom's metrics are reaching levels that could soon support upward pressure on the rating."

RATINGS RATIONALE

Today's outlook change reflects Moody's expectations that eircom's operating performance is nearing an inflection point, helped by management's solid execution of the business plan, an improving economy and a more rational competitive environment. The trend towards revenue stabilisation was visible in March 2015, when eircom achieved year-on-year revenue growth for the first time in the last six years.

A stronger operating performance will be further supported by price increases implemented in April 2015, which will allow the company to stabilise revenues and improve EBITDA and cash flow generation. Moody's expects that eircom will start generating positive free cash flows over the next 12 months on the back of improved top line and EBITDA trends, the lack of any further significant voluntary leaver costs, and somewhat lower capex going forward.

As a result of this improved performance, eircom's credit ratios are reaching levels that could support upward pressure on the rating over the next 12 to 18 months, such as adjusted debt/EBITDA trending towards 5.5x. While adjusted leverage remains high -- partly owing to the unfavourable evolution of the pension deficit -- the company's deleveraging trajectory is on the right path.

The change in outlook also reflects the benefits for eircom of the recent amend and extend process, such as the extension of its debt maturity profile by almost three years and the increased operational flexibility (more headroom under covenants, lower administrative burden) at no incremental financial cost.

Finally, the change in outlook also reflects eircom's increasing enterprise value, consistent with rising valuations in the European telecom sector. In fact, the company has recently rejected a takeover offer for EUR3.2-EUR3.3 billion that would imply a significant enterprise value in relation to eircom's still high levels of debt.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating would be supported by continued positive pricing environment, which translates into growth in revenues and EBITDA such that adjusted debt/EBITDA trends towards 5.5x on a sustained basis and allows the company to generate positive free cash flows. Upward rating pressure would also require the group to maintain a sound liquidity profile, with comfortable headroom under financial covenants.

Downward pressure on the rating could materialise if the group fails to execute its business plan or if pricing dynamics deteriorate, leading to weaker-than-expected credit metrics, including adjusted debt/EBITDA trending sustainably above 6.5x, and persistently negative free cash flow generation. Given the size and volatility of eircom's pension deficit, the B3 rating with a positive outlook incorporates the potential for moderate deviations from these ranges on a temporary basis.

Moody's would also be concerned if eircom's liquidity came under stress as a result of a weaker-than-expected operating performance or larger cash outflows for capex in the absence of alternative external sources, such as a revolving credit facility or vendor financing.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Global Telecommunications Industry published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

eircom Holdings (Ireland) Limited is the holding company of the eircom group, the principal provider of fixed-line telecommunications services in Ireland, with a revenue share of the fixed-line market of approximately 52% (according to ComReg). The group is also the third-largest mobile operator in Ireland, with a subscriber market share of approximately 21% (excluding mobile broadband and Machine to Machine, according to ComReg). eircom reported revenue of EUR1.3 billion and adjusted EBITDA of EUR467 million for the last twelve months ended March 2015.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ivan Palacios
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Michael J. Mulvaney
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's changes outlook on eircom's B3 ratings to positive
No Related Data.
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