Fitch rates Trilogy notes CCC+

Fitch Ratings said it gave CCC+/RR4 ratings to the $357 million exchanged Trilogy International South Pacific LLC’s senior secured notes due 2023.

The agency also affirmed the long-term issuer default ratings of Trilogy International Partners, Inc. and at CCC+ and withdrew the IDR at Trilogy International Partners, LLC. Fitch also affirmed the $51 million of TISP senior secured notes at B+/RR1.

“The affirmation of Trilogy's ratings reflects the completion of the exchange offer and consent solicitations that extends the debt maturity to May 2023. Fitch views the transaction as a credit positive that provides additional runway to pursue additional strategic actions including asset monetizations that reduce HoldCo level debt and further refinancings as Trilogy looks to create a more sustainable capital structure,” Fitch said in a press release.

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