Moody's: Matterhorn notes Caa1

Moody's Investors Service said it assigned a provisional Caa1 rating to the proposed issuance of €155 million of senior unsecured notes due 2020 by Matterhorn Midco & Cy SCA, the holding company of Orange Communications SA.

Concurrently, Moody's assigned a B2 corporate family rating 2 and a B1 probability of default rating to Matterhorn Midco, and withdrew the B1 corporate family rating and Ba3 probability of default rating at the Matterhorn Mobile Holdings SA level.

Moody's said the new notes will have substantially the same terms and conditions as the existing senior unsecured notes issued by Matterhorn Mobile Holdings.

However, the new notes will benefit from a senior guarantee from Matterhorn Mobile Holdings, but not from the other companies that guarantee the revolving credit facility, the senior secured notes issued by Matterhorn Mobile SA, or the senior unsecured notes issued by Matterhorn Mobile Holdings.

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