Fitch rates UPC loan BB+

Fitch Ratings said it assigned UPC Holding BV's new term loan B an expected rating of BB+/RR1, following the group's announced offer to acquire 100% of the publicly listed shares of Sunrise Communications Group AG. Fitch affirmed UPC's long-term issuer default rating of BB-.

“The instrument rating applies to the term loan B1 (TLB-1) being raised at the Newco I BV/Newco Financing Partnership level, to be used to refinance the currently outstanding debt at Sunrise, which will be subject to a change of control upon completion of the acquisition, and the term loan B-2 (TLB-2) being raised at UPC Broadband Holding BV and UPC Financing Partnership, to be used to partly fund the acquisition,” the agency said in a press release.

The outlook is negative.

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