Moody’s downgrades Digicel

Moody's Investors Service said it downgraded Digicel Group Ltd.'s corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD.

At the same time, Moody's downgraded the senior unsecured rating of Digicel Ltd. to Caa2 from B3, the senior secured rating of Digicel International Finance Ltd. to B3 from B1, the senior secured rating of Digicel Group One Ltd. to Caa2 from Caa1 and the senior unsecured ratings of both Digicel Group Two Ltd. and Digicel to Ca from Caa3.

The outlook is negative.

The downgrade reflects Moody's view that the risk of Digicel making another distressed exchange or debt restructuring within the next 12 to 18 months has increased, considering the still weak operating results and liquidity of the group, the agency said.

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