GTT Communications, Inc. -- Moody's confirms GTT's B2 CFR, outlook stable

New York, November 28, 2016 -- Moody's Investors Service, ("Moody's") has confirmed GTT Communications, Inc.'s (GTT or the company) B2 corporate family rating (CFR) following the expected closing of its acquisition of Hibernia. To finance the acquisition as well as its repay existing debt, GTT will raise approximately $1 billion of new debt and contribute $75 million of equity. Moody's has also upgraded the company's probability of default rating (PDR) to B2-PD from B3-PD, assigned senior secured rating of B1 and assigned a Caa1 rating to GTT's proposed unsecured notes offering. Moody's has also changed GTT's speculative grade liquidity rating to SGL-2 from SGL-1 and changed the outlook to stable. The ratings are contingent upon Moody's review of final documentation and no material change in the terms and conditions of the debt as advised to Moody's. These actions conclude the review for downgrade that was initiated on November 9, 2016.

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