Moody’s said in a press release it has withdrawn the telecom operator’s ratings, citing its withdrawal policy, which allows it to withdraw an issuer’s rating in certain circumstances, for reasons that do not pertain to the accuracy of the information provided by the issuer, bankruptcy, restructuring or reorganization.
Moody’s In February 2010 rated RCS&RDS Ba3 and changed its outlook from stable to negative in January 2011.
RCS&RDS posted net losses in 2010 after a net profit of 211.83 million lei (EUR50 million) in 2009.
With a network covering over 200 cities and towns, RCS&RDS is one of the leading players on the Romanian cable and satellite TV services, and hard-line and mobile telephony. Its main competitors are UPC and Romtelecom.
According to sources close to the matter, the RCS&RDS, controlled by businessman Zoltan Teszari, is interested in a takeover of UPC.
RCS&RDS started operations 15 years ago and is present in Romania, Hungary, Czech Republic, Slovakia, Spain, Italy, Croatia and Serbia.