Moody’s Upgrades GC Impsat

Moody’s has upgraded both its credit rating on telecommunications network provider Global Crossing Impsat Holdings I and its $225m in 2017 bonds to B2 from B3, with a stable outlook. “The upgrade [is] based on the improvement in the company’s operating performance and overall financial metrics, including reduced leverage and solid liquidity position, since it was acquired by Global Crossing in 2007,” the agency said, adding that as part of a larger company, it could see better revenue growth and cost savings. Ratings could get an additional upgrade if a more stable regulatory environment arises in the countries in which it operates, Moody’s says, adding that Impsat is constrained by pressure from new competitors.