S&P ups GTH Finance notes to BB

S&P said it raised its issue ratings on the $1.2 billion of senior unsecured notes issued by GTH Finance BV to BB from B+. The notes are guaranteed by VimpelCom Holdings BV, the core subsidiary of VEON Ltd.

“We now rate the notes at the same level as senior unsecured debt issued by VimpelCom Holdings, since we understand the notes rank pari passu with the unsecured senior debt issued by VimpelCom Holdings,” S&P said in a news release.

“Our upgrade of the notes reflects that the share of liabilities ranking ahead of the $1.2 billion senior notes has decreased materially.”

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