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Moody's assigns Ba1 to DME notes
Moody's Investors Service said it assigned a Ba1 rating to the proposed senior unsecured U.S. dollar-denominated guaranteed loan participation notes to be issued by, but with limited recourse to, DME Airport DAC.
DME Airport will in turn on-lend the proceeds to Hacienda Investments Ltd., a wholly owned subsidiary of DME Ltd. (Moscow Domodedovo Airport) (DME, Ba1 negative), which owns substantially all of the company's real estate assets.
The loan will be unconditionally and irrevocably guaranteed by DME Ltd. and its major operating subsidiaries. Therefore, noteholders will rely solely on DME's credit quality to service and repay the debt.
The outlook of DME Airport is negative.
DME intends to use the loan proceeds for refinancing of its existing debt, including outstanding $350 million notes due 2021 and $300 million notes due 2023, Moody’s said.
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