Moody's: Numericable notes B2

Moody's Investors Service said it assigned a provisional B2 corporate family rating and a provisional B3 probability of default rating to Ypso France SAS (Numericable).

Moody's said it also assigned a provisional B2 rating to the €350 million senior secured notes maturing in 2019 to be issued by Numericable Finance & Co. SCA.

The outlook is stable.

"The provisional B2 corporate family rating reflects Numericable's technologically advanced network but also recognizes its relatively low market share in a very competitive French triple-play (3P) market," Moody's lead analyst for Numericable Sebastien Cieniewski said in a news release.

Moody's estimates that on a pro-forma basis for this transaction, the company's gross adjusted leverage will be around 5.4x for the fiscal year ending December 2012 as measured under French GAAP. Over the near term, Moody's said it expects deleveraging to remain limited.

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