Moody's assigns Cetin Group Baa2

Moody's Investors Service said it assigned a first-time Baa2 long-term issuer rating to Cetin Group NV, a 100% owned subsidiary of PPF Telecom Group BV and the owner of Cetin as.

Concurrently, Moody's affirmed the Ba1 senior secured ratings of PPF Telecom, the Baa2 long-term issuer rating of Cetin as and the Baa2 senior unsecured ratings of its guaranteed subsidiary, Cetin Finance BV.

“The rating actions follow the recent corporate restructuring of the PPF Telecom Group, that included the expected buyout of O2 Czech Republic, as’ (O2) minorities for around €1 billion, and the push down of debt from PPF Telecom to Cetin Group level, including the €825 million term loan due 2024 (that includes the €300 million loan issued to buy the shares in O2). In addition, PPF Group has contributed a 10.27% equity stake in Cetin into PPF Telecom, with no exchange of cash,” Moody’s said in a press release.

The outlook is stable.

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