Moody’s upgrades TVN, notes to Ba2

Moody's Investors Service said it upgraded TVN SA's corporate family rating and probability of default rating to Ba2 from B1 and Ba2-PD from Ba3-PD, respectively.

Concurrently, the agency upgraded the rating on TVN's 2018 and 2020 senior unsecured notes issued by TVN Finance Corp. III AB to Ba2 from B1.

The outlook is stable.

Moody’s said the two-notch upgrade reflects both (a) The new ownership structure of TVN which, since October, is 100% owned by Scripps Networks Interactive, Inc. (Baa3 stable), an owner with a strong credit profile and a clearly stated strategy of building its international operations; and (b) the announcement by TVN that it would redeem its €117 million 2018 senior notes in full as well as 10% of the €430 million outstanding under its 2020 senior notes on Nov. 16 using an unsecured intercompany loan from Scripps Networks.

The rating on the 2018 notes will be withdrawn once they are cancelled in November.

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