Moody’s rates Masmovil, loans B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Masmovil Ibercom, SA.

Concurrently, Moody's assigned a B1 rating to the €1.45 billion senior secured term loan B due in 2026, the €100 million senior secured revolving credit facility due in 2024 and the €150 million senior secured capex facility due in 2024 and raised by MasMovil Holdphone SAU.

The outlook is stable.

Proceeds from the term loan B have been used to refinance existing debt, and simplify the group's financing structure through the repurchase of a convertible bond held by Providence.

“The B1 rating reflects Masmovil's success as the fourth largest telecommunications company in Spain, consistently growing revenues at double-digit rates and achieving a market share of close to 16% in residential mobile and 8% in the residential fixed segment since its creation in 2006,” Carlos Winzer, Moody's senior vice president and lead analyst for Masmovil, said in a news release.

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