Moody's: Univision add-on B2

Moody's Investors Service said it assigned a B2 rating to Univision Communications, Inc.'s proposed $600 million add-on to its existing $600 million senior secured notes due 2019.

Univision's B3 corporate family rating, B3 probability of default rating, other debt instrument ratings, SGL-3 speculative-grade liquidity rating and stable rating outlook are not affected.

Moody's said the refinancing improves Univision's maturity profile and reduces refinancing risk related to its 2014 maturities. This is positive as Moody's said it believes Univision will be able to fund the remaining 2014 maturities from existing cash, projected free cash flow and borrowings under its $409 million revolver.

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