Moody’s assigns APN notes Ba3

Moody's Investors Service said it assigned a corporate family rating of provisional Ba2 to APN News & Media Ltd.

At the same time, the agency assigned a provisional Ba3 senior unsecured rating to the proposed $250 million of senior unsecured notes issued by Biffin Pty Ltd., a wholly owned and guaranteed subsidiary of APN.

The outlook is negative.

"APN's (P)Ba2 corporate family rating reflects its diversified mix of media assets as well as the strong market positions that the company holds within these markets," Moody's analyst Saranga Ranasinghe said in a news release. "The rating also reflects APN's national scale in both Australia and New Zealand, which provides it with better ability to withstand and absorb operating conditions, which are highly competitive."

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