Moody's rates Kabel Deutschland notes Ba2

Moody's Investors Service said it assigned a provisional Ba2 rating to the €300 million senior secured notes due 2018 to be issued by Kabel Deutschland Vertrieb und Service GmbH & Co., an operating subsidiary of Kabel Deutschland GmbH.

Moody's also said it assigned Ba2 corporate family and probability of default ratings to Kabel Deutschland Holding AG and has concurrently withdrawn the Ba2 corporate family and probability of default ratings from Kabel Deutschland GmbH.

The outlook is stable.

The proceeds will be used to help redeem in full the outstanding €515 million payment-in-kind loans and reduce draw-downs under the company's existing revolving credit facility and other existing loan maturities, Moody's said.

The provisional Ba2 rating on the notes is at par with the company's corporate family rating, reflecting the senior secured position of the notes within Kabel Deutschland Holding's capital structure, the agency said.

Moody's said it reassigned the corporate family and probability of default ratings to Kabel Deutschland Holding from Kabel Deutschland GmbH as it is the entity that will continue reporting audited financial statements.

© 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.