Fitch rates Sunrise loans, notes BBB-

Fitch Ratings said it assigned Sunrise Communications Holdings SA’s proposed amended and extended term loan facilities and Sunrise Communications AG's proposed notes expected ratings of BBB-(EXP).

Proceeds will be used to refinance existing debt in a leverage-neutral transaction.

The ratings represent a single-notch uplift from Sunrise's issuer default rating of BB+. Fitch said this reflects the senior secured nature of the obligations and the superior recovery prospects given the likely strong value of the share collateral.

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