Approximately $14.25 billion of rated debt impacted
New York, January 29, 2021 -- Moody's Investors Service, ("Moody's") has withdrawn
all ratings of Refinitiv US Holdings Inc. ("Refinitiv"
or the "company"), including the B3 Corporate Family
Rating, B3-PD Probability of Default Rating, B2 ratings
on the senior secured debt instruments and Caa2 ratings on the senior
unsecured notes. The review for upgrade that was initiated on 1
August 2019 has concluded.
RATINGS RATIONALE
Moody's has withdrawn the ratings because all of Refinitiv's outstanding
debts have been repaid and extinguished following the company's
all-share purchase by London Stock Exchange Group ("LSEG")
on 29 January 2021. As part of the transaction, LSEG issued
roughly $13.5 billion of new debt to refinance/repay the
entirety of Refinitiv's debt obligations. While all of the debts
have been formally discharged from Refinitiv's balance sheet,
the euro noteholders will receive the payoff funds from the trustee on
1 February 2021. Please refer to Moody's Investors Service's Policy
for Withdrawal of Credit Ratings available on www.moodys.com.
Withdrawals:
...Issuer: Refinitiv US Holdings Inc.
.Corporate Family Rating, Withdrawn, previously
B3, Placed on Review for Upgrade
.Probability of Default Rating, Withdrawn,
previously B3-PD, Placed on Review for Upgrade
.$750 Million ($350 Million outstanding)
Senior Secured Revolving Credit Facility due 2023, Withdrawn,
previously B2 (LGD3), Placed on Review for Upgrade
.$6,500 Million ($6,370 Million
outstanding) Senior Secured Term Loan B due 2025, Withdrawn,
previously B2 (LGD3), Placed on Review for Upgrade
.€2,355 Million (€2,307.9
Million outstanding at approximately $2,658.7 Million
USD equivalent) Senior Secured Term Loan B due 2025, Withdrawn,
previously B2 (LGD3), Placed on Review for Upgrade
.$1,250 Million 6.25% Senior
Secured Notes due 2026, Withdrawn, previously B2 (LGD3),
Placed on Review for Upgrade
.€860 Million (approximately $1,009 Million
USD equivalent) 4.50% Senior Secured Notes due 2026,
Withdrawn, previously B2 (LGD3), Placed on Review for Upgrade
.$1,575 Million 8.25% Senior
Unsecured Notes due 2026, Withdrawn, previously Caa2 (LGD6),
Placed on Review for Upgrade
.€365 Million (approximately $428 Million USD
equivalent) 6.875% Senior Unsecured Notes due 2026,
Withdrawn, previously Caa2 (LGD6), Placed on Review for Upgrade
Outlook Actions:
..Issuer: Refinitiv US Holdings Inc.
....Outlook, Changed To Rating Withdrawn
From Rating Under Review
With corporate offices in New York, NY, and London,
UK, Refinitiv US Holdings Inc. is a global provider of financial
information, security pricing, analytics, risk management
and compliance support tools that enable financial market professionals
to conduct research, perform pricing and valuation, execute
transactions and address third-party risk.
REGULATORY DISCLOSURES
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the UK and is endorsed
by Moody's Investors Service Limited, One Canada Square,
Canary Wharf, London E14 5FA under the law applicable to credit
rating agencies in the UK. Further information on the UK endorsement
status and on the Moody's office that issued the credit rating is
available on www.moodys.com.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Gregory A. Fraser, CFA
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Stephen Sohn
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653