Moody's rates Gamma Infrastructure loan B3

Moody's Investors Service said it affirmed the B3 corporate family rating and the B3-PD probability of default rating of Gamma Infrastructure II BV, a cable operator in the Netherlands.

Moody's also said it affirmed the B3 ratings of the senior secured revolving credit facility and the capital expenditure facility at Gamma Infrastructure III BV, a subsidiary of Gamma Infrastructure II.

The outlook is stable.

Moody's also said it assigned a B3 rating to the new €595 million senior secured term loan facility B3 tranche due 2024.

The ratings are weakly positioned due to the elevated adjusted gross leverage of about 6.5x, the company's aggressive financial policy and the higher-than-expected capital expenditure requirements in 2018, the agency said.

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