Moody’s Investors Service has maintained its ratings on Carlos Slim’s Brazilian fixed-line operator Embratel and its target for acquisition, pay-TV provider Net Serviços.
According to Embratel’s fillings to Bovespa, the tender should take place on…
Moody’s Investors Service has maintained its ratings on Carlos Slim’s Brazilian fixed-line operator Embratel and its target for acquisition, pay-TV provider Net Serviços.
According to Embratel’s fillings to Bovespa, the tender should take place on September 9, 2010 and, if completed as proposed, Embratel would then own directly and indirectly approximately 93.4% of Net’s total capital, but not the voting control of the company.
Moody’s last rating action on Net was October 22, 2009, when the rating agency affirmed Net’s existing Ba1 rating with a stable outlook and assigned a Ba1 rating to the company’s US$350m proposed notes issuance due in 2020. The last rating action on Embratel was on April 26, 2010, when Moody’s upgraded Embratel’s ratings from Baa3 to Baa2, with a stable outlook.
