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NTS > SEC Filings for NTS > Form 8-K on 5-Nov-2013All Recent SEC Filings

Show all filings for NTS, INC.

Form 8-K for NTS, INC.


5-Nov-2013

Other Events


Item 8.01 Other Events

Series A Bonds Rating - Background

As previously disclosed on a Current Report on Form 8-K dated December 3, 2007, NTS, Inc., f/k/a Xfone, Inc. (the "Company") had received a rating letter from Midroog Limited, an Israeli rating company which is a subsidiary of Moody's Investor Services ("Midroog"), assigning a rating of A3 to a bond offering in Israel in connection with the Company's financing of its acquisition of NTS Communications, Inc. (the "Series A Bonds").

As previously disclosed on a Current Report on Form 8-K dated February 19, 2009, Midroog's annual monitoring report filed with the Tel Aviv Stock Exchange (the "TASE") on February 19, 2009 reaffirmed the A3 rating of the Series A Bonds initially assigned on December 2, 2007, however, Midroog's rating committee decided on a negative outlook on the rating of the Series A Bonds.

As previously disclosed on a Current Report on Form 8-K dated October 26, 2009, Midroog filed with the TASE a monitoring report on October 26, 2009 downgrading the rating of the Series A Bonds from A3 to Baa1, and announcing that the negative outlook on the rating remains in effect.

As previously disclosed on a Current Report on Form 8-K dated November 30, 2009, Midroog filed with the TASE a monitoring report on November 30, 2009 announcing the inclusion of the rating of the Series A Bonds in Midroog's watch list with a negative outlook.

As previously disclosed on a Current Report on Form 8-K dated July 1, 2010, Midroog downgraded the rating of the Series A Bonds from Baa1 to Baa3, announcing that the negative outlook on the rating of the Bonds was replaced with a stable outlook, and removing the rating of the Series A Bonds from Midroog's watch list.

As previously disclosed on a Current Report on Form 8-K dated May 12, 2011, Midroog announced that the stable outlook on the Baa3 rated Series A Bonds was replaced with a negative outlook.

As previously disclosed on a Current Report on Form 8-K dated August 6, 2012, Midroog filed with the TASE a monitoring report on August 6, 2012 downgrading the rating of the Series A Bonds from Baa3 to Ba1 and announcing that the negative outlook on the rating of the Series A Bonds is replaced with a stable outlook.

Series A Bonds Rating - Recent Development

On November 5, 2013, Midroog filed with the TASE an annual monitoring report, reaffirming the Ba1 rating of the Series A Bonds, however, Midroog's rating committee decided on a developing outlook on the rating of the Series A Bonds in light of the recently announced merger agreement entered into with Tower Three.

The Hebrew version of the monitoring report is available on Midroog's website at: http://www.midroog.co.il/siteFiles/13/463/5957.asp?val=420. The monitoring report will be translated to English, and the Company intends to file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission containing an English version of the report when the translation is available.


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