Moody's rates NDS, loan Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba3 probability of default rating to NDS Group Ltd., the parent company of NDS Finance Ltd. and the indirect parent company of NDS Holdings (Europe) Ltd. and NDS Treasury (Americas), LLC.

Moody's also said it assigned provisional Ba2 ratings to its $75 million six-year revolving credit facility, €183 million six-year term loan A and the $800 million seven-year term loan B.

The outlook is stable.

The new ratings follow news that the company will raise $1.05 billion in credit facilities to repay the company's existing debt, vendor loan note and related fees and expenses, Moody's said.

The ratings reflect NDS' leading market position in the digital pay-TV business solutions space, combined with its large customer base of leading pay-TV companies, the agency said.

The company's business profile is further supported by the large number of long-term contracts it holds with these companies to whom it is an integral part of their content security and enabling business, Moody's said.

But, it does has a degree of customer concentration with its top three customers representing about 46% of company revenues, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.