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Moody's Investors Service (Moody's) today appended a limited default (LD) designation to Digicel Group Limited's (Digicel) Caa3-PD probability of default rating (PDR). The LD designation appended to Digicel's PDR reflects the missed payment of interests on the notes issued by Digicel Group One Limited (DGL1) and Digicel Group Two Limited (DGL2) after the expiration of the 30-day grace periods, which constitutes a default under Moody's definition. On March 30, Digicel announced that it had deferred the USD115 million payment of interests related to its DGL1 and DGL2 2022 notes, which were due on March 30, and to its DGL2 2024 notes, which were due on April 1.
Moody's Investors Service (Moody's) today downgraded Digicel Group Limited's (Digicel) probability of default rating (PDR) to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the senior secured rating of Digicel International Finance Limited (DIFL) to Caa1 from B3.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Digicel Group Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") today downgraded Digicel Group Limited's ("Digicel") corporate family rating (CFR) to Caa2 from Caa1 and its probability of default rating (PDR) to Caa2-PD from Caa1-PD.