Moody’s applies Ba3 to Play

Moody's Investors Service said it assigned a Ba3 corporate family rating to Play Communications SA.

Concurrently, the agency withdrew the B2 corporate family rating and B2-PD probability of default rating at Impera Holdings SA, the pre-IPO 100% owner of Play.

The outlook is stable.

"The Ba3 rating reflects the successful completion of Play's IPO, with half the proceeds applied to repay the full amount of the outstanding €500 million PIK toggle notes, in addition to the company's revised leverage target which should lead to more predictable financial policies going forward," Alejandro Nunez, Moody's vice president, senior analyst and lead analyst for Play, said in a news release.

The Caa1 ratings on the existing €500 million 5 3/8% pay-in-kind (PIK) toggle notes due 2022 issued by Impera were unaffected by this action and are unchanged, as they will shortly be redeemed with proceeds from the initial public offering (IPO) of Play on the Warsaw Stock Exchange (WSE). Moody's said it expects to withdraw the ratings on those existing notes once they are repaid.

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