Moody's rates Vodafone equity-linked bonds Baa1

Moody's Investors Service said it assigned a Baa1 rating to the £600 million worth of zero-coupon equity-linked bonds issued by Vodafone Group plc.

The bonds mature in 2020 and allow the holder to receive either principal or a cash amount linked to the share price of Vodafone, at the holder's option.

The outlook is stable.

Vodafone's Baa1 rating reflects its large size and scale, and the diversification benefits associated with its strong positions in many different markets, Moody’s said. The rating also reflects Vodafone's position as challenger in most of the markets in which it operates and its mobile-centric business model in some of them.

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