S&P rates Voyage Australia, loans BB-

S&P said it gave BB- ratings to Voyage Australia Pty Ltd. and its about A$2 billion of secured term loan B issuances.

“Voyage is Australia's fourth-largest telecommunications provider. That said, we view Voyage as materially smaller in scale compared to major industry peers: Telstra Corp. Ltd. (A-/stable/A-2); Singtel Optus Pty Ltd. (A-/negative/A-2); and TPG Telecom Ltd. (unrated). Unlike its major competitors, Voyage is not a mobile network operator, which we believe presents both opportunities and challenges as the Australian telecommunications landscape evolves,” S&P said in a press release.

Voyage will use the proceeds to refinance its capital structure and partly fund its buyout by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super (Aware),

The outlook is stable, reflecting the forecast Voyage will lower its S&P Global Ratings adjusted debt-to-EBITDA ratio to under 5x during fiscal 2022 and beyond, the agency said.

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