Moody’s ups Trilogy, rates notes B3

Moody's Investors Service said it upgraded Trilogy International Partners LLC’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The agency also assigned a B3 (LGD5) rating to the company's new $345 million senior secured notes due 2022 and a speculative grade liquidity rating of SGL-2, indicating good liquidity.

The outlook is stable.

On Feb. 7, a special purpose acquisition corporation listed on the Toronto Stock Exchange, and formerly known as Alignvest Acquisition Corp., effected a business combination with Trilogy; Alignvest was subsequently renamed Trilogy International Partners, Inc. (TIP Inc.) and is the parent of Trilogy.

Moody’s said the upgrade reflects the company's improved debt leverage metrics following the transaction. The refinancing will immediately improve leverage (Moody's adjusted), which the agency expects to trend toward 3.3 times by fiscal year-end 2017 from pre-transaction Moody's adjusted leverage of 4.3 times at fiscal year-end 2016.

The company also expects a meaningful reduction in interest costs.

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