COPENHAGEN, Denmark -- On April 12, 2006 Fitch Ratings published their credit rating of TDC. Fitch assigned TDC A/S a rating of "BB-" with stable outlook and a short-term rating of "B". TDC's new Senior Secured Facility (cf. TDC's stock exchange release no. 17 of March 3, 2006) was assigned "BB+", and the unsecured long-term rating of the outstanding bonds under TDC's EMTN programme was assigned a "BB-" rating.

On April 13, 2006 Moody's downgraded TDC's long-term corporate credit rating to "Ba3" with stable outlook from "Ba1" on review for downgrade. The corporate rating was re-assigned to Nordic Telephone Company (NTC), which owns 88.2 % of TDC, and Moody's will subsequently withdraw the corporate rating from TDC. TDC's new Senior Secured Facility, cf. above, was assigned "Ba2", while the unsecured long-term rating of the EMTN bonds was lowered to "Ba3" from "Ba1". TDC's short term credit rating was withdrawn by Moody's.

The credit ratings by Fitch Ratings and Moody's are reflecting the new leveraged capital structure of TDC following the completion of the tender offer by NTC to TDC's shareholders in January 2006.

TDC A/S (Copenhagen: TDC)