Moody's rates Musketeer notes Caa1, Kabel notes B1

Moody's Investors Service said it assigned a B1 rating to €800 million of senior secured notes due 2019, $500 million of senior secured notes due 2019 and €420 million of senior secured floating-rate notes due 2018 issued by Kabel BW Erste Beteiligungs GmbH and Kabel Baden-Württemberg GmbH & Co. KG.

Moody's also assigned Musketeer GmbH's (B2/stable) €680 million of senior unsecured notes due 2021 a Caa1 rating.

The B1 rating is cushioned by the presence of senior unsecured notes in the capital structure, the agency said.

The Caa1 rating of the senior unsecured notes reflects Musketeer's high leverage and the notes' contractually and structurally subordinated position relative to the company's senior secured bonds, the agency added.

The B2 corporate family rating reflects the weak post deal credit metrics for Musketeer, mitigated by the strength of Kabel BW's business risk profile, Moody's said.

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