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Moody’s rates Digicel facilities Ba2
Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Digicel Group Ltd. following the issuance of bank credit facilities by its subsidiary Digicel International Finance Ltd.
The agency assigned a Ba2 (LGD-1) rating, to Digicel International’s new $635 million term loan B, $100 million revolving credit facility and $300 million term loan A.
Proceeds will be used to repay an $837 million credit facility at Digicel International as well as for general corporate purposes.
Moody's also affirmed the B1 (LGD-3) rating on the unsecured notes of Digicel Ltd. and the Caa1 (LGD-5) rating on the unsecured notes of Digicel Group.
The outlook remains stable.
The B2 corporate family rating reflects Digicel's product and geographic diversification, good margins, and leading market position, the agency said. It rates Digicel International’s senior secured credit facilities Ba2 (LGD-1) due to their senior position relative to the company's primary assets.
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