Moody's rates GTLK Europe notes Ba2

Moody's Investors Service said it assigned a provisional rating of Ba2 to the proposed dollar-denominated senior unsecured notes to be issued by GTLK Europe Capital DAC, an Ireland-based, wholly owned direct subsidiary of GTLK Europe DAC.

The company is ultimately owned by State Transport Leasing Co. PJSC (STLC).

The maturity, the size and the pricing of the notes are subject to prevailing market conditions during placement, Moody's said.

The notes will be unconditionally and irrevocably guaranteed by STLC and GTLK Europe, the agency said.

The proceeds will be utilized for general corporate purposes and repayment of existing debt, Moody's said.

The rating assigned to the proposed notes is one notch lower than STLC's corporate family rating of Ba1, the agency said.

The senior unsecured notes have a lower relative priority of claim than STLC's secured instruments on a high percentage of the company's earning assets, Moody's noted.

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