Moody's: Matterhorn notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating and loss given default assessment of LGD3 to Matterhorn Mobile SA's new CHF 400 million senior secured floating-rate notes issuance. Matterhorn is the ultimate parent of Orange Communications SA.

Moody's said the new notes, in addition to other changes, will result in an overall increase in debt quantum of around CHF 50 million, which will increase the group's leverage on a pro forma basis by around 0.1x-0.2x.

While this increase in leverage is not material, Moody's said it notes that it will slow the rate at which it initially expected Orange Communications to be able to deleverage and will weaken the company's positioning within the rating category.

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