Fitch Ratings put its long-term issuer default rating and senior unsecured ratings of BBB- on TDC A/S on Rating Watch Negative.

The move comes after a consortium led by Macquarie Infrastructure and Real Assets announced plans to launch a voluntary public takeover of the entire share capital of TDC.

The placement of the ratings on rating watch negative reflects current limited visibility on the consortium's funding strategy and a potential increase in leverage for the overall group if the transaction is funded with a significant debt component.

The board of TDC recommended that investors back a revised takeover offer from the consortium comprising Macquarie Infrastructure and Real Assets and Danish pension funds PFA, PKA and ATP.