Fitch rates Play notes BB-

Fitch Ratings said it assigned an expected rating of BB- to Play Finance 2 SA’s €125 million tap issue of its 5¼% senior secured notes maturing in 2019.

Fitch also said it affirmed P4 Sp zoo’s long-term issuer default rating at B+.

The outlook is stable.

The ratings reflect an expectation that the proposed issuance will be used to help fund upcoming spectrum acquisition, Fitch said.

The agency said Play has a strong operating profile, measured approach to incremental market-share gains, strong margin and cash-flow expansion, along with a relatively high degree of financial leverage.

Fitch said it expects the company’s de-leveraging to resume in 2016.

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