Moody’s rates Digicel Caa2

Moody’s Investors Service said it today assigned a Caa2 corporate family rating and a Caa2-PD/LD probability of default rating to Digicel Group 0.5 Ltd., considering the implementation of the group’s debt exchanges and reorganization, with DGL0.5 the future holding company of the group.

At the same time, Moody’s withdrew the Caa2 CFR and Caa3-PD/LD PDR at Digicel Group Ltd., assigned ratings to the newly-issued instruments that are part of Digicel’s debt exchanges, as well as taken rating actions on existing debt instruments.

“The outlooks on all the group’s entities are changed to stable from negative, reflecting the group’s improved capital structure and liquidity post-exchanges,” Moody’s said in a press release.

Also, Moody’s assigned a Caa3 to Digicel 0.5’s guaranteed senior secured rating, and a Ca to the senior unsecured and convertible bond rating.

To Digicel International Finance Ltd., Moody’s assigned the $626 million of senior secured regular bonds/debentures, a Caa1 rating, the senior unsecured regular/debenture rating a Caa2 and a subordinated bond rating a Caa2.

The agency downgraded Digicel Ltd.’s senior unsecured regular bond/debenture rating to Caa3 from Caa2 and the guaranteed senior unsecured regular bond/debenture rating to Caa3 from Caa2.

Moody’s lowered Digicel Group Two Ltd.’s senior unsecured regular bond/debenture rating to C from Ca and Digicel Group Ltd.’s senior unsecured regular bond/debenture rating to C from Ca.

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