On Oct. 15, 2018, Danish telecom operator TDC sold its Norwegian business to Swedish telecom operator Telia. On Oct. 18, 2018, TDC announced that it would use about €2 billion of the proceeds to repay part of its €3.9 billion senior term loan, and we anticipate it will use the remainder on network investments in Denmark. We are affirming our 'B+' long-term issuer credit rating on TDC's parent, DKT Holdings, affirming our 'BB-' issue rating on TDC's €3.9 billion senior loan, and raising our issue rating on TDC's €1.0 billion senior unsecured notes and €500 million revolving credit facility to 'BB-'. We are removing the issue ratings from CreditWatch. The stable outlook reflects our expectation that a stabilization of EBITDA,
