Moody's assigns PIK-Corp notes Ba3

Moody's Investors Service said it assigned a Ba3 backed senior unsecured rating to the new planned notes issue of PIK Securities DAC, which controlled by PJSC PIK, the ultimate holding company via its wholly owned subsidiary PIK Corp.

Both PIK and PIK Corp. will act as the guarantors of the issue, which proceeds will be on-lent to companies within PIK group to refinance debts and facilitate the group's international expansion plans in the South East Asia.

“The assignment of the Ba3 backed senior unsecured rating to the new issue is in line with the PIK Corp.'s long-term issuer rating and reflects legal subordination of the notes to debt at the PIK level secured by land plots and other assets, and their structural subordination to unsecured debt at the level of operating companies,” Moody’s said in a press release.

The outlook is stable.

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