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Moody’s could lift Pacnet
Moody's Investors Service said it placed Pacnet Ltd.’s B3 corporate family rating and senior secured ratings on review for upgrade.
The action follows Telstra Corp. Ltd.’s (A2 stable) Dec. 23 announcement that it will acquire 100% of Pacnet for $697 million, including gross debt of about $400 million. The closing of the transaction is subject to regulatory and Pacnet financier approvals. Telstra expects the transaction to complete by mid-2015.
"Our review of Pacnet's ratings reflects the expectation that the proposed acquisition by Telstra, which is significantly larger and financially stronger, will remove concerns over Pacnet's current fragile liquidity profile, which has deteriorated due to weak IRU sales," Moody's vice president and senior analyst Annalisa DiChiara said in a news release.
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