Moody's gives Ba3 to Coral-US term loan, Sable revolver

Moody's Investors Service said it assigned a Ba3 rating to Coral-US Co-Borrower LLC's, an indirect subsidiary of Cable & Wireless Communications Ltd. (Ba3 negative), proposed $590 million senior secured term loan B-6 due October 2029 and guaranteed by Sable International Finance Ltd., C&W Senior Secured Parent Ltd., Sable Holding Ltd., CWIGroup Ltd., Cable and Wireless (West Indies) Ltd. and Columbus International Inc.

Moody's also assigned a Ba3 to the $580 million tranche of the senior secured revolving credit facility at SIFL. C&W's existing ratings remain unchanged.

The outlook is negative.

The issuance is part of C&W's liability management with the objective of extending the company's debt maturity profile while reducing its cost of debt. The new issuance will not materially affect the company's leverage metrics, Moody’s said.

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