Fitch gives Liberty Communications notes, loan BB

Fitch Ratings said it gave to LCPR Senior Secured Financing DAC’s new $820 million of senior secured bonds due 2029 and LCPR Loan Financing LLC's new $500 million term loan BB/RR3 ratings.

The proceeds are expected to be used primarily for the full repayment of LCPR Loan Financing LLC's current $1 billion term loan B due 2026 and general corporate purposes, including a $250 million cash upstream to parent Liberty Latin America Ltd.

Concurrently, Fitch upgraded Liberty Communications of Puerto Rico LLC's long-term foreign-currency issuer default rating to BB- from B+. Fitch also raised LCPR's revolving credit facility, LCPR Loan Financing's 2026 term loan, and LCPR Senior Secured Financing’s 2027 notes to BB/RR3 from BB-/RR3.

“The upgrade reflects the merged entity's greater scale and diversified product portfolio following LCPR's acquisition of AT&T Inc.'s (AT&T, BBB+/stable) assets in Puerto Rico and the U.S. Virgin Islands. The upgrade also reflects the company's strong operating performance in 2020 despite the pandemic,” Fitch said in a press release.

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