Moody’s rates PPF Arena notes Ba1

Moody's Investors Service said it assigned a corporate family rating of Ba1 and a probability of default rating of Ba1-PD to PPF Arena 1 BV.

Moody's also assigned a Ba1 rating to the proposed benchmark size senior secured notes to be issued by PPF Arena 1 under its euro medium-term note program.

The outlook is stable.

“The Ba1 rating balances the group's strong positions in different markets, its diversified international footprint, its resilient operating cash flow generation and its experienced management team, with the complexity of PPF Arena 1's group structure, with debt at both the holding company and operating subsidiaries, its limited free cash flow generation owing to a high dividend pay-out policy (free cash flow is measured after dividend payments and all other calls on cash), and the short track record in managing the recently acquired assets in the CEE,” Carlos Winzer, Moody's senior vice president and lead analyst for PPF Arena, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.