Fitch rates Sunrise loans BBB-

Fitch Ratings said it maintained Luxembourg-based Sunrise Communications Holdings SA's long-term issuer default rating of BB- and Mobile Challenger Intermediate Group SA's issuer default rating of B+ on Rating Watch Positive.

The most likely outcome will be a two-notch upgrade from its current rating to BB+ and reflects the company's plan to reduce leverage following the Feb. 6 IPO.

Fitch also assigned Sunrise's proposed 2022 senior secured notes and Sunrise Communications AG's bank facilities expected ratings of BBB-(EXP). The ratings represent a one-notch uplift from Sunrise's prospective issuer default rating of BB+ and are contingent upon the resolution of the RWP.

The increased notching reflects the senior secured nature of the obligations and the superior recovery prospects relative to the share collateral, the agency said. The new notes, bank debt and proceeds from the IPO will be used to reduce and refinance Sunrise's existing debt.

© 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.