(Finance) – Moody’s has assigned a B2 rating to the 1.2 billion euro senior secured notes offered by Iliad Holding, a European telecommunications operator present in France, Italy and Poland. At the same time, Moody’s confirmed the Ba3 long-term corporate family rating (CFR). L’outlook remains stable.
Proceeds from the proposed issuance will be used to partially repay the 2026 bond issued by Iliad Holding and finance the acquisition of Tele2 ABone of the main Swedish telecommunications operators.
“Although the proposed issuance is leverage neutral, helps extend debt maturities of the company by reducing the wall of debt maturities in 2026″, says Ernesto Bisagno, Moody’s lead analyst for Iliad Holding.
“The confirmation of the rating reflects the strong sustained operational performance of the company, which is resulting in an improvement in cash flow generation and credit parameters at levels that position Iliad firmly in the Ba3 category”, adds Bisagno.