DKT Holdings ApS, parent of Danish telecom operator TDC A/S, has indicated heavier investments in 2020 than we forecast, reflecting aggressive fiber layout and conversion of its entire mobile network to fifth-generation ready technology. Therefore, we have revised our forecast of S&P Global Ratings-adjusted debt to EBITDA to 6.7x (excluding shareholder loans) in 2020, compared with our previous expectation of less than 6.0x. We are therefore lowering our ratings on DKT Holdings to 'B' from 'B+'. The stable outlook reflects our expectation of stable EBITDA in 2020, due in particular to lower nonrecurring costs and content cost savings, and that management would consider cutting discretionary outlays if needed to keep leverage in check. The stable outlook reflects our expectation that
