Moody's slashes VTR

Moody's Investors Service said it downgraded VTR Finance NV's corporate family rating and VTR Comunicaciones SpA's 4 3/8% $392 million of and 5 1/8% $474 million of senior secured notes to B2 from Ba3. The agency also downgraded VTR's 6 3/8% $483 million of senior unsecured notes to B3 from B1.

“This rating action reflects the persistent deterioration of the company's credit metrics and market share in light of the challenging operating prospects in Chile, which will make difficult a material reversal of this trend in 2023 and beyond. The rating action also considers the lack of visibility regarding the JV's final capital structure, strategy, capex plans or potential parental support,” Moody’s said in a press release.

The outlook remains negative.

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