Moody's gives Iliad outstanding notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Iliad SA’s €3.9 billion of outstanding senior unsecured bonds. The issuer is the operating subsidiary of Iliad Holding SAS.

Concurrently, the agency affirmed Iliad Holding's Ba3 corporate family rating, Ba3-PD probability of default rating and the B2 rating on the €3.7 billion equivalent of guaranteed senior secured notes issued by Iliad Holding. The outlook is stable.

"The Ba2 rating assigned to Iliad SA's notes is one notch above the Ba3 corporate family rating, as the entity is closer to the cash flow generating assets and these obligations structurally rank ahead of liabilities at the holding company, which are rated B2," said Ernesto Bisagno, a Moody's vice president, senior credit officer and lead analyst for Iliad Holding, in a press release.

"While Iliad Holding's leverage is still high and market conditions remain competitive, we have affirmed the existing ratings to reflect the company's scale and strong market position in France, Italy and Poland, as well as its good track record of revenue growth," Bisagno added.

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