Denmark’s leading telecommunication firm, TDC, is performing an internal review after fears of overleverage and slipping cash flow puts its credit rating at risk. The investigation is in early stages, with outcomes and possible transactions still unclear. However, TDC’s majority stakeholder, Australian firm Macquarie, will be watching closely. Despite a strategic split into separate business units last year aimed to accelerate growth, both have shown mixed financial results. Amidst increasing competition, TDC’s future is set against the backdrop of evolving telecommunications business models and industry debates.