Moody’s upgrades Alpha Topco

Moody's Investors Service said it upgraded Alpha Topco Ltd.’s (F1) corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The agency affirmed the B2 rating on the first-lien secured bank facilities borrowed by Delta 2 (Lux) Sarl.

The outlook remains stable.

The Caa2 rating on the second-lien term loan is unchanged and the agency expects this to be withdrawn following full repayment.

Moody’s said the upgrade reflects: (a) The strategic changes in the context of Liberty Media Corp.’s ownership; (b) the changed financial policy with a number of steps already taken and under way to visibly reduce leverage; and (c) the company's continued track record of significant cash flow generation before extraordinary dividends, which Moody's expects to continue despite some increased investments in 2017 and 2018.

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