Moody's upgrades Cableuropa

Moody's Investors Service said it upgraded to B2 from B3 the corporate family and probability of default ratings of Cableuropa, SAU.

The agency also said it upgraded to B1 from B2 the rating on the €1 billion of senior secured notes due in 2018 issued by Nara Cable Funding Ltd.

Moody's also said it upgraded to Caa1 from Caa2 the ratings on the €295 million and $225 million worth of senior unsecured notes due in 2019 issued by ONO Finance II plc.

The outlook is stable.

The upgrades conclude a review for possible upgrade that began in July.

The upgrade reflects the successful completion of the €300 million senior secured notes add-on offering, as well as the company's resilient performance in the second quarter of 2011, which supports the expectation that full-year performance will be in line with forecasts, Moody's said.

The completion of the add-on offering is a small, but positive step in the right direction of extending the company's debt maturity profile and progressively reducing the refinancing wall in 2013, the agency said.

© 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.