Moody’s rates Sunrise CFR, loans, notes Ba2

Moody's Investors Service said it assigned a corporate family rating of Ba2 and a probability of default rating of Ba2-PD to Sunrise Communications Group AG.

Concurrently, the agency withdrew the B1 corporate family rating and B1-PD probability of default rating at the Sunrise Communications Holdings SA level.

Moody's also assigned a provisional Ba2 rating to Sunrise Communications Holdings' CHF 1.36 billion term loan B facility, CHF 200 million revolving credit facility and CHF 500 million (equivalent) senior secured notes due 2022.

The outlooks are stable.

"The Ba2 rating reflects the successful completion of Sunrise's IPO, with proceeds used to reduce leverage, as well as the company's prudent leverage target which should lead to more predictable financial policies going forward," Ivan Palacios, Moody's vice president, senior credit officer and lead analyst for Sunrise, said in a news release.

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