S&P gives VTR notes B+

S&P said it gave its B+ issue-level rating to VTR Comunicaciones SpA's proposed $410 million senior secured notes due 2029.

The rating on the proposed notes is at the same level as the issuer credit ratings on VTR Finance NV (B+/positive/--) because we don't believe investors in VTR Comunicaciones' existing senior secured notes face any material legal or structural subordination,” the agency said in a press release.

The company will use the proceeds to refinance its term loan of about $250 million, redeem about $60 million in 2028 senior secured notes and strengthen its cash position.

“The transaction is leverage neutral, extends the maturity profile, and we don't expect it to have a material effect on the company's interest burden,” S&P said.

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