Fitch rates PPF Telecom notes BBB-

Fitch Ratings said it assigned PPF Telecom Group BV’s €500 million of seven-year senior secured notes a rating of BBB-. The notes will have a fixed coupon of 3.25%.

“The notes’ security package includes share pledges over certain central and eastern European (CEE) subsidiaries. The security package may be released if there is no other secured debt ranking pari passu in the company’s capital structure or if pro forma net debt-to-EBITDA is less than 2x, calculated on a proportionate basis relative to equity ownership,” Fitch said in a press release.

The proceeds are being used to refinance bank debt.

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