Moody's rates Digicel notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Digicel Group Ltd.'s proposed $700 million senior unsecured notes due 2020.

In addition, Moody's affirmed Digicel's corporate family and probability of default ratings at B2 and maintained the stable outlook.

In conjunction with the rating action, Moody's affirmed the ratings on the existing Digicel debt and on the existing debt at Digicel Ltd., a wholly owned subsidiary of Digicel.

Digicel also maintains a $912 million senior secured credit facility at its Digicel International Finance Ltd. subsidiary.

Net proceeds of the notes will be used to repurchase the entire tranche of the Digicel 9 1/8%/9. 7/8% senior payment-in-kind toggle notes due 2015 and a portion of the 8 7/8% senior notes due 2015 via tender offers.

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