Moody's gives B1 to VZ Secured notes

Moody's Investors Service said it gave a B1 instrument rating to VZ Secured Financing BV’s planned senior secured dollar- and euro-denominated notes due 2032.

VZ’s ultimate parent is VodafoneZiggo Group BV, which has a B1 corporate family rating. The B1 assigned to the notes reflects their equal ranking with senior secured bank credit facilities and other senior secured notes, rated B1, in line with VodafoneZiggo's B1 CFR, the agency said.

VZ Secured will lend the proceeds to Ziggo BV, also a unit of VodafoneZiggo, in the form of new dollar- and euro-denominated loans under the existing VodafoneZiggo credit facility. Ziggo will then use the loan proceeds to refinance the outstanding $1.6 billion of backed senior secured notes due 2027 and the outstanding €620 million of backed senior secured notes due 2027. The new loans will benefit from the same guarantee and security packages as the loans raised under the VodafoneZiggo credit facility.

The outlook is stable.

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