Moody’s lifts Arqiva, notes

Moody's Investors Service said it upgraded Arqiva Broadcast Parent Ltd.'s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

Concurrently, the agency upgraded to B2 from B3 the rating of the £600 million 9½% notes due 2020 issued by Arqiva Broadcast Finance plc which are unconditionally and irrevocably guaranteed by Arqiva Financing No 2 Ltd. and Arqiva Broadcast.

The outlook is stable.

Moody’s said the upgrade recognizes the improvement in Arqiva's credit profile driven by its solid operating performance helped by a successful cost efficiency program, as evidenced by an EBITDA margin of around 50%, stronger credit metrics, and reduced exposure to major projects following significant progress on the smart meter program and completion of the digital radio roll-out.

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