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Moody’s raises Sound Global to B3
Moody's Investors Service said it upgraded Sound Global Ltd.’s corporate family rating to B3 from Caa2.
The outlook is negative.
On Nov. 17, Sound Global announced that it exercised the early redemption option to redeem the entire $150 million outstanding 11 7/8% senior notes due in 2017.
"The upgrade of Sound Global's corporate family rating to B3 from Caa2 reflects the company's lower refinancing risk, after its full repayment of the $150 million senior unsecured notes," Moody's vice president and senior analyst Chenyi Lu said in a news release.
The full redemption reduces refinancing pressure associated with Sound Global's inability to provide audited financial statements.
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