Moody's rates Arqiva notes B3

Moody's Investors Service said it assigned a provisional B3 rating to British pound notes due 2020 and the dollar-denominated notes due 2020 to be issued by Arqiva Broadcast Finance plc and unconditionally and irrevocably guaranteed by its sister company Arqiva Financing No 2 Ltd. and its parent company Arqiva Broadcast Parent Ltd.

Concurrently, Moody's assigned a provisional B1 corporate family rating to Arqiva Broadcast Parent Ltd.

The outlooks on all ratings are stable.

Moody's said the rating reflects the medium business risk profile of the Arqiva group as a primary UK broadcasting and wireless communications infrastructure services provider and forecast gearing of around 7 times of consolidated net debt to EBITDA with up to 7.5 times allowed before a dividend lock-up is triggered, among other factors.

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