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Moody’s rates ZPG, notes Ba3
Moody's Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to ZPG plc.
Concurrently, the agency assigned a Ba3 instrument rating to the new £200 million 5.5-year senior unsecured notes to be issued by ZPG.
The outlook is stable.
The proceeds from the notes, together with about £124 million of drawings under a new £200 million revolver, will be used to repay £191 million of existing revolver drawings and £125 million of outstanding term loan financing and pay transaction costs.
Moody’s said the corporate family rating reflects the company's established brands and good position in the U.K. property classified market and among the top price comparison websites in the United Kingdom.
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