Moody's rates Unitymedia notes Ba3

Moody's Investors Service said it assigned a (P)Ba3 rating to the €650 million senior secured notes issued by Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH. The issuers are subsidiaries of Unitymedia KabelBW GmbH.

Moody's said this transaction leads to a marginal increase in the parent's gross leverage but does not change the corporate family rating of B1.

The agency said the (P) Ba3 rating on the proposed notes reflects the fact that they will be effectively pari-passu with the existing senior secured notes, rated Ba3, at Unitymedia Hessen and Unitymedia NRW.

The rating for the senior secured notes is one notch higher than the corporate family rating due to the presence of unsecured debt in the capital structure, which is rated at B3, the agency said.

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