Moody's assigns Univision notes, loan B2

Moody's Investors Service assigned a B2 (LGD3, 41%) rating to Univision Communications, Inc.'s $750 million senior secured notes due 2020, and B2 (LGD3, 41%) ratings to the amended and extended term loan and revolver portion of the company's senior secured credit facility.

The proceeds will be used to repay a portion of indebtedness outstanding under the senior secured credit facilities.

The transactions improve Univision's maturity profile and reduce the refinancing risk related to its significant 2014/2015 maturities, although cash interest costs will increase meaningfully, Moody's said.

However, Univision remains highly leveraged and will continue to need access to capital markets to refinance the revised maturity structure given projected cash generation, the agency said.

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