Moody's assigns Ba1 to CT Trust, notes

Moody's Investors Service said it assigned a Ba1 corporate family rating to CT Trust and a Ba1 rating to its planned senior unsecured global notes of around $750 million that will be guaranteed by Tigo Guatemala Cos.

“The Ba1 CFR considers Tigo Guatemala's position in the Guatemalan market as the country's leading telecommunications service provider. Tigo Guatemala's main operating segment and largest source of income is the mobile sector (about 83% of the consolidated group's revenues), where it estimates to have approximately 64% of market share,” Moody’s said in a press release.

The proceeds will be upstreamed to Millicom International Cellular SA, its shareholder, to take out the bridge loan issued to finance the acquisition of the 45% minority stake in Comunicaciones Celulares, SA (Comcel) and its subsidiaries.

The outlook is stable, reflecting an expectation that Tigo Guatemala will maintain its leading position, the agency said.

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