Moody’s shifts Play view to developing

Moody’s Investors Service said it affirmed the Ba3 corporate family rating of Play Communications SA and changed the outlook to developing from stable.

The change in outlook to developing follows Iliad SA’s Monday report of its intention to acquire 100% of Play’s share capital through a combination of debt and cash, the agency said.

“We have changed the outlook on Play to developing to reflect that while the company is being acquired by a larger and more diversified group, leverage of the combined entity will be higher than that of Play on a standalone basis,” said Víctor Garcia Capdevila, a Moody’s assistant vice president and lead analyst for Play, in a press release.

“In addition, it remains uncertain what will be the strategic direction and financial policies of Play under the new ownership,” added Garcia.

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