Research Update: Voyage Australia Pty Ltd. 'BB-' Ratings Affirmed Following Group Restructuring; Outlook Stable

Voyage Australia Pty Ltd. (Voyage) and 2degrees Group Ltd. (2degrees) (previously named Voyage Digital (NZ) Ltd.) no longer share a common parent, Voyage Australia Holdings Pty Ltd. (VAH). Voyage and 2degrees are now owned directly by their 50/50 shareholders Macquarie Asset Management (MAM) and Aware Super through VAH and 2degrees (NZ) Holdings Pty Ltd. (TDH), respectively. As such, VAH will no longer form an ownership group nor be the conduit for potential extraordinary support between the two telecommunications companies. The rating on Australia-based Voyage is therefore equalized with its stand-alone credit profile (SACP). The company's operations remain unaffected by this organizational restructuring. On July 30, 2024, S&P Global Ratings affirmed its 'BB-' long-term issuer credit rating on Voyage and the

...- Voyage Australia Pty Ltd. (Voyage) and 2degrees Group Ltd. (2degrees) (previously named Voyage Digital (NZ) Ltd.) no longer share a common parent, Voyage Australia Holdings Pty Ltd. (VAH). Voyage and 2degrees are now owned directly by their 50/50 shareholders Macquarie Asset Management (MAM) and Aware Super through VAH and 2degrees (NZ) Holdings Pty Ltd. (TDH), respectively. - As such, VAH will no longer form an ownership group nor be the conduit for potential extraordinary support between the two telecommunications companies. The rating on Australia-based Voyage is therefore equalized with its stand-alone credit profile (SACP). The company's operations remain unaffected by this organizational restructuring. - On July 30, 2024, S&P Global Ratings affirmed its '##-' long-term issuer credit rating on Voyage and the '##-' issue rating on the company's first-lien debt. - The stable outlook reflects our expectation that Voyage will increase its market position in the enterprise network service...

Research Update