Moody’s rates Match notes Ba3

Moody’s Investors Service said it assigned a Ba3 (LGD 4) rating to the proposed $400 million senior unsecured notes due 2024 to be issued by Match Group, Inc.

Match is IAC/InterActiveCorp.’s 85% owned subsidiary comprising its online dating businesses, the agency said.

The proceeds from the new notes, which will not be guaranteed by IAC, will be used to retire a like amount of Match’s term loan B obligation, Moody’s said.

The outlook is stable.

IAC’s Ba2 corporate family rating is supported by its position as one of the largest global Internet and digital media companies with established brand names and reasonably long operating histories, the agency said.

The rating also recognizes IAC’s good operating performance driven by a business model that has demonstrated respectable online audience reach, traffic monetization, strong subscriber growth and a disciplined acquisition/investment strategy, Moody’s said.

The rating also considers the inherent risk that Internet businesses could experience a potential decline in website traffic due to rapidly changing technology and industry standards, the agency said.

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