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Moody’s upgrades ONO

Ratings agency Moody’s has upgraded its rating of Spanish cable operator ONO from B3 to B2, with a stable outlook.

Moody’s also upgrade ONO’s €1 billion senior secured notes due in 2018 from B2 to B1, including a recent €300 bond offering, while unsecured notes due in 2019 were upgraded from Caa2 to Caa1.

“The ratings upgrade reflects the successful completion of the €300 million senior secured notes add-on offering, as well as the company’s resilient performance in Q2 2011, which supports the expectation that full-year performance will be in line with Moody’s forecasts for the company,” said Ivan Palacios, a Moody’s vice-president and senior analyst, and lead analyst for ONO. “The completion of the €300 million add-on bond offering is a small, but positive step in the right direction of extending the company’s debt maturity profile and progressively reducing the refinancing wall in  2013.”