Why Moody’s denied Voda CB equity credit

Moody’s has decided not to give any equity credit to the £3.44bn of mandatorily convertible bonds issued by Vodafone on March 5. That means the UK mobile phone company has not yet achieved the total equity credit it had hoped to get from its financings for its Unitymedia acquisition. Vodafone announced on Tuesday March 26 a new hybrid capital issue which will gain it some more equity credit (see separate story).

  • By Jon Hay
  • 26 Mar 2019

Neil Garrod, group treasury director at Vodafone, said: “I think Moody’s has taken a very conservative approach, but we move on. The rating agencies are independent organisations and that’s the way it should be.”

Observers see the Moody’s decision as a blow to Vodafone’s financing plans, and believe ...

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