Moody's: Orange Communications B1

Moody's Investors Service said it assigned a B1 corporate family rating and probability of default rating to Matterhorn Mobile Holdings SA, the ultimate parent of Orange Communications SA.

Moody's also assigned provisional ratings and loss-given-default assessments to the following debt instruments of different group entities:

• CHF 225 million of senior notes due 2020, issued by Matterhorn: provisional B3/LGD6;

• CHF 325 million of senior secured bonds due 2019, issued by Matterhorn: provisional Ba3/LGD3;

• CHF 225 million senior secured term loan A at Matterhorn: provisional Ba3/LGD3;

• CHF 275 million senior secured term loan B1 at Matterhorn: provisional Ba3/LGD3; and

• CHF 125 million senior secured term loan B2 at Matterhorn: provisional Ba3/LGD3.

The outlook is stable.

"Orange Communications' B1 rating reflects both a relatively weak business risk profile and a relatively stronger financial profile compared with similarly rated peers such as Sunrise, Polkomtel or Wind Telecomunicazioni," Moody's vice president, senior analyst and lead analyst for Orange Communications Ivan Palacios said in a news release.

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