Moody’s assigns VTR notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to VTR Comunicaciones SpA’s upcoming offering of $410 million in senior secured notes due 2029 guaranteed by VTR.Com SpA. VTR Comunicaciones is an indirect subsidiary of VTR Finance NV.

VTR Finance’s ratings and VTR Comunicaciones’ Ba3 senior secured foreign-currency rating are unchanged, the agency said.

“The issuance is part of VTR’s liability management with the objective of extending the company’s debt maturity profile while reducing its cost of debt,” Moody’s said in a press release.

Proceeds will be used to repay the $244 million term loan due 2023, partially redeem the 5 1/8% secured notes due 2028 and for general corporate purposes.

The outlook is stable.

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