Moody's rates notes of Polkomtel parent Caa1

Moody's Investors Service said it assigned a provisional Caa1 rating and loss given default assessment of LGD 6 to Eileme 1 AB (publ)'s $201 million worth of payment-in-kind notes due in 2020. Eileme 1 AB (publ) is an indirect parent of Polkomtel SA.

Eileme's B1 corporate family rating and probability of default rating remain unchanged, as well as the provisional B3 rating on Eileme 2 AB (publ)'s €542.5 million and $500 million worth of senior subordinated notes due in 2020.

The outlook is stable.

"The provisional Caa1 rating on the PIK notes is three notches below the company's B1 CFR and one notch below the provisional B3 rating on the senior subordinated notes. This notching differential reflects the PIK notes' contractually and structurally subordinated position relative to the secured bank facilities and the senior subordinated notes," Moody's vice president, senior analyst and lead analyst for Polkomtel Ivan Palacios said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.