Moody's rates Hanaro Telecom bonds Ba2

Moody's Investors Service said it assigned its Ba2 senior unsecured rating to Hanaro Telecom's proposed 5/7-year bonds of up to $500 million. At the same time, the rating agency has assigned its Ba2 senior implied rating to Hanaro. The outlook is stable.

The proposed bond proceeds will be used to refinance existing debt and partially fund the acquisition of Thrunet.

Moody's says the Ba2 rating reflects Hanaro's established networks and subscriber base, improved financial flexibility with lower debt and a strengthened capital base and solid financial metrics with total debt-to-EBITDA of 1.9x and EBITDA interest coverage of 5.3x as of September 30.

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