Moody’s downgraded KPN’s senior unsecured debt ratings to Baa2 fr...
Moody’s downgraded KPN’s senior unsecured debt ratings to Baa2 from A3 and subordinated debt ratings to Baa3 from Baa1. Ratings agency said its action stemmed from concerns over KPN’s ability to reduce its $20.2 billion debt this year. Moody’s…
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cited planned IPO of company’s mobile unit, for which KPN has lowered its expectations of proceeds. KPN is limited in its ability to offer higher percentage of shares to make up for expected loss in value, Moody’s said. Limitation is result of NTT DoCoMo holding 15% of company’s voting equity and BellSouth having option to convert its E-plus stake to 24-29% of voting equity in KPN Mobile. While Moody’s said IPO still was expected to raise $5 billion, with proceeds partly offset by anticipated expenditures in planned build-out of 3rd-generation wireless systems.