Eircom Holdings (Ireland) Ltd.'s successful turnaround in its consumer segment and investment in expanding fiber coverage have strengthened its business risk profile, in our view. However, the relatively small size of Ireland's fixed broadband market compared to other European markets, and its significant fiber overlap with competitors, indicate highly competitive risks that may hinder an improved business risk assessment in the near term. While we forecast modest earnings growth, the increased debt and ongoing dividend payments will keep S&P Global Ratings-adjusted leverage elevated, before returning to 5.5x in 2026. We affirmed our 'B+' long-term issuer credit ratings on Eircom and our 'B+' issue rating on the company?s senior secured debt, with recovery prospects of 55%. The stable outlook reflects our
