Fitch gives Digicel notes B-

Fitch Ratings said it has assigned a B-/RR4 rating to Digicel Ltd.'s proposed $500 million of senior notes due 2017.

Proceeds from the issuance are expected to be used to refinance its existing $450 million senior notes due 2012 and for general corporate purposes, the agency said.

Fitch said it rates the company as follows:

• Digicel Group Ltd.'s $1 billion 8.875% senior subordinated notes due 2015 at CCC+/RR5; and $400 million 9.125/9.875% senior subordinated toggle notes due 2015 at CCC+/RR5;

• Digicel Ltd.'s foreign currency issuer default rating at B-; $450 million senior notes due 2012 at B-/RR4; $510 million senior notes due 2014 at B-/RR4; and

• Digicel International Finance Ltd.'s $1.15 billion senior secured credit facility, of which $839 million is outstanding, at B/RR3.

The outlook is stable.

Digicel's ratings are supported by its solid operating performance, its position as the leading provider of wireless services in the Caribbean, strong brand recognition, and an increasingly diversified revenue and cash flow stream across the Caribbean, Fitch said.

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