Moody's rates Nielsen Finance loans B1, notes B3, Caa1

Moody's Investors Service said it assigned new ratings to the proposed borrowings of Nielsen Finance LLC and Nielsen Finance Co. (as joint issuer of the notes) in the context of the leveraged buyout of VNU NV.

Ratings assigned at Nielsen Finance LLC/Nielsen Finance include: senior secured credit facilities, prospective B1; senior dollar/euro notes due 2014, prospective B3 and senior subordinated dollar/euro discount notes due 2016, prospective Caa1.

The outlook is stable.

The ratings for the newly rated instruments are derived from VNU's B2 corporate family rating, which reflects VNU's very high initial leverage following its leveraged buyout by a group of financial investors - around nine times the financial gross debt/adjusted EBITDA on a 2005 pro-forma basis as presented in the company's offering memorandum, the agency said.

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