Moody’s ups Arqiva Broadcast

Moody’s Investors Service said it upgraded to B1 from B2 the senior secured debt rating of Arqiva Broadcast Finance plc as well as to Ba2 from Ba3 the corporate family rating of its parent Arqiva Broadcast Parent Ltd.

The outlook is stable.

The upgrade reflects Arqiva’s commitment to use around £1.8 billion of the £2 billion proceeds from the sale of its telecom tower activities to deleverage the group, Moody’s said.

“The planned repayment of senior debt and derivatives mark-to-market exposure, expected within 180 days of the close of the tower sale, will significantly improve the consolidated group’s financial risk profile,” the agency said in a press release.

This action concludes the review Moody’s started on Oct. 10, the agency said.

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