Moody's affirms Telenet

Moody's Investors Service said it affirmed a B1 corporate family rating of Telenet Group Holding NV, following the company's announced recapitalization.

Concurrently, Moody's said it assigned a B1 rating to the senior secured bank facility in the amount of €2.3 billion.

The proceeds of the facility will be largely used to refinance Telenet's existing bonds and the senior secured bank facility as well as to make a shareholder distribution, Moody's said.

The affirmation of the corporate family rating reflects Moody's earlier expectations that Telenet was likely to change its credit profile alongside with a contemplated at that time change in its ownership.

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