Moody's downgrades VNU

Moody's Investors Service said it downgraded VNU NV's corporate family rating and senior unsecured debt instruments to B1 from Ba1 following the clarification by Valcon Acquisitions BV as to which of VNU's long-term bonds it does not want to retain as part of the new VNU group's future capital structure and for which Valcon Acquisitions has therefore launched a tender offer.

The ratings remain under review for further downgrade.

Valcon Acquisitions is a vehicle owned by a group of financial investors whose offer to acquire VNU's equity for around €7.6 billion was declared unconditional on Monday. Moody's said that the new capital structure reflects the significant debt element in the acquisition, and the B1 rating reflects its assessment of the credit risk for any bonds that are not tendered.

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