Moody's: Telenet notes at Ba3

Moody's Investors Service said it assigned a Ba3 rating to the €300 million of senior secured notes due 2021 issued by Telenet Finance III Luxembourg SCA.

The outlook is stable.

Telenet intends to use proceeds to refinance a portion of its existing bank debt further improving its debt maturity profile, Moody's said.

The rating on the notes reflects the fact that the transaction is neutral to net debt and does not change Telenet's Ba3 corporate family rating, the agency said.

The Ba3 corporate family rating reflects Telenet's continued solid operational performance supported by the company's multi-play strategy as well as the intensive competition that Telenet faces and its limited size of operations, Moody's said.

At Sept. 30, the debt-to-EBITDA ratio was 3.3 times.

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