Fitch gives Niel’s Eir the thumbs-up

Ratings agency said takeover helped put focus on high costs

French telecoms investor Xavier Niel

The takeover of Eir by French telecoms investor Xavier Niel has been positive for the company’s credit rating, according to analysts at Fitch.

Upping its ratings on some of Eir’s debt, Fitch said Niel (who led the takeover of two-thirds of the company a year ago) has helped bring about a greater focus on tackling its high cost base. Neil’s investment vehicle paid €3.5 billion for a 64.5 per cent share of Eir.