COPENHAGEN, Denmark, May 3, 2002 (PRIMEZONE) -- TDC's (NYSE:TLD) credit rating has been changed by Moody's Investor Service.
In March 2002, Moody's placed TDC on review for a possible downgrade. Today, Moody's have concluded their review resulting in a change in TDC's long-term rating to A3 with a stable outlook and the short-term rating to P2.
Among other things, Moody's A3 rating factors TDC's currently higher financial risk as well as Moody's expectation that, within the framework of the company's strategy, TDC's financial risk is likely to remain higher in the medium term than previously expected.
Moody's also notes the strength of TDC's management and its track record in delivering a strong operating performance in an increasingly competitive environment in the domestic market, as well as its successful and ongoing turnaround of Sunrise in Switzerland.
"The important thing for us is that we have an A-rating. The rating change is not expected to affect our financial costs significantly," says Hans Munk Nielsen, CFO of TDC.
For further information please contact TDC Investor Relations at +45 3343 7680.
TDC -- formerly Tele Danmark -- is a growth and value-creation oriented Danish-based provider of communications solutions with significant presence in selected markets in Northern and Central Europe. TDC is organized as seven main business units: TDC Tele Danmark, TDC Mobile International, TDC Internet, TDC Cable TV, TDC Directories, TDC Services and TDC Switzerland. TDC was privatized in 1994. Today, SBC Communications owns 41.6% of the shares, with the remainder held by individual and institutional shareowners all over the world.
TDC listings Shares: Copenhagen Stock Exchange Reuters TDC.CO Bloomberg TDC DC Nominal value DKK 5 ISIN DK0010 253335 Sedol 5698790 Shares: New York Stock Exchange Reuters TLD.N Bloomberg TLD US One ADS represent one half common share ISIN US8723 6N1028 Sedol 2883094