Moody’s rates Loarre notes Ba3

Moody’s Investors Service said it rated Loarre Investments Sarl’s €350 million of senior secured floating-rate notes due 2029 Ba3. The agency also gave a definitive Ba3 rating to its €500 million of 6˝% senior secured notes due 2029.

“The notes are backed primarily by revenues from 8.2% of audio-visual rights (AV rights) commercialized by La Liga Nacional de Futbol Profesional (LaLiga, not rated) in respect of matches of the first- and second-tier league (Primera Division and Segunda Division) competitions of Spanish professional football. In addition, the notes are backed by revenues from additional activities (non-AV activities) such as sponsorships and licenses, infrastructural maintenance and technological solutions,” Moody’s said in a press release.

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