Moody's rates UPC notes Ba3

Moody's Investors Service said it assigned a definitive Ba3 rating to the new €750 million of senior secured notes due 2020 issued by UPCB Finance II Ltd.

The final terms of the notes are in line with the draft previously reviewed, Moody's said.

UPCB Finance II, a trust-owned special purpose vehicle, will on-lend the proceeds on a senior secured basis into the UPC Holding BV group, which has a Ba3 corporate family rating, the agency said.

The rating reflects a view that the senior secured on-lending establishes a claims position for holders of the new notes that is broadly equivalent to that of existing lenders under UPC's bank facility, Moody's said.

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