Moody's might lift Numericable

Moody's Investors Service said it placed Ypso France SAS' (Numericable) B2 corporate family rating and B3-PD probability of default rating and Numericable Finance & Co. SCA's B2 senior secured debt instruments under review for upgrade.

The action follows the announcement that Numericable Group launched an initial public offering of the company's shares on the Paris Euronext NYSE exchange and that it filed a document de reference with regard to the transaction.

Numericable Group is a newly formed entity to which Numericable's shareholders Altice, Cinven and Carlyle will contribute Numericable and also French B2B operator Completel, which is owned by the same group of shareholders.

Moody's said its review will evaluate to what extent the expected benefits from the IPO warrant a higher rating than the current B2 corporate family rating. Expected benefits from the IPO include: (a) The use of a part of the targeted primary proceeds (€250 million) for debt reduction; and (b) the contribution of French B2B telecoms operator Completel to the new Numericable Group and a stated objective to maintain leverage (as measured by a Net Debt/EBITDA ratio) between 3.5x and 4x during the 2014-2016 period.

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