Moody’s assigns ‘Ba3’ rating to RCS&RDS

Rating Agency Moody’s Investors Service on Friday assigned a ‘ Ba3′ corporate family (CFR) and probability of default (PDR) rating to telecom operator RCS&RDS, with stable outlook, the agency informs.

Also, Moody’s granted a (P)‘ Ba3′ rating to company’s scheduled bond issue, worth 200 million dollars. The given ‘ Ba3 rating is backed by the robust organic growth of the company and its solid market position in Romania and Hungary, according to the rating agency. Moody’s estimated that, despite the strong revenue increase, the company’s management has been careful to keep a low level of indebtedness.

RCS&RDS rating is constrained by the relatively small size of the company, compared to other companies with similar ratings, and also by its exposure to emerging markets economies.
Although Moody’s estimated the company would benefit of a positive cash flow in 2010, this remains a constraining factor yet. RCS&RDS’s rating is also supported by the company’s leadership position on the pay TV market in Romania and Hungary.

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