Moody's rates UPC notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the €500 million in senior secured notes due 2020 to be issued by UPCB Finance Ltd.

The outlook is stable.

UPCB Finance, a trust-owned special purpose vehicle, will on-lend the proceeds on a senior secured basis into the UPC Holding BV group (Ba3 corporate family rating) by funding an additional facility under the existing UPC Broadband Holding BV bank facility rated Ba3, according to the agency.

The Ba3 rating on the notes reflects the senior secured on-lending, which establishes a claims position for holders of the new notes that is broadly equivalent to that of existing lenders under the UPC bank facility, the agency said.

The Ba3 corporate family rating reflects growth trends that can be stabilized while margins remain at the high levels achieved with a ratio of 5.5x for debt to EBITDA, Moody's said.

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