S&P ups Trilogy, debt; rates notes B

S&P said it raised the long-term corporate credit rating on Trilogy International Partners LLC to B from B- and the issue rating on its debt to B from CCC.

The outlook on the corporate credit rating is stable.

The agency also removed the ratings from CreditWatch with positive implications, where they were initially placed on Dec. 19.

At the same time, S&P assigned a B rating to Trilogy's proposed $345 million senior secured notes due 2022.

"The rating actions follow our expectation that Trilogy will successfully issue its $345 million notes and use the proceeds, together with about the $100 million received from the business combination transaction with Alignvest, to redeem its existing $450 million 13.375% notes," S&P credit analyst Gerardo Leal said in a news release.

Moreover, the agency said it expects improved profitability, due to a better mix of prepaid/postpaid customers in New Zealand and Bolivia that will increase ARPUs (average revenues per user) in both markets for the next two to three years. These improvements would strengthen Trilogy's credit metrics.

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