Fitch rates ONO notes CCC

Fitch Ratings said it assigned ONO Finance II plc's proposed €460 million subordinated senior notes due 2021 a CCC rating with a 6 recovery rating and affirmed Cableuropa's long-and short-term issuer default ratings at B and the senior secured facilities of Cableuropa SA and Nara Cable Funding at BB-/RR2.

The outlook is stable.

Proceeds from the proposed notes will refinance and pre-pay ONO Finance plc's and ONO Finance II's senior notes due in 2014 and other debt.

The proposed transaction represents a further step forward in Cableuropa's refinancing plans and is expected to be largely leverage-neutral, as subordinated debt will be replaced with the €460 million longer-dated subordinated notes, Fitch said.

The notes will benefit from a senior guarantee from Cableuropa's direct parent ONO Midco and a subordinated guarantee from Cableuropa, Fitch said. The notes will not have any impact on Cableuropa's existing instrument ratings and expected recoveries, the agency said.

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