Moody's cuts Trilogy

Moody's Investors Service said it lowered the corporate family rating of Trilogy International Partners LLC to B3 from B2 based on erosion of the liquidity profile, due primarily to the slower than expected ramp up of subscribers in the Dominican Republic and increased cash investments in Trilogy's New Zealand venture.

These factors, as well as curtailed growth in Haiti due to the softening economy, contribute to a credit profile more appropriate for a B3 corporate family rating, according to the agency.

The outlook remains negative, incorporating Moody's concerns over continued uncertainty regarding the timeframe for and ability of management to turn around operations in the Dominican Republic and the weakened liquidity profile.

To sustain a B3 corporate family rating, Trilogy must enhance its liquidity, either through external sources, improvement of operations, or some combination of these, the agency said.

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