...May 17, 2021 - Our ratings on Voyage Australia Pty Ltd. (Voyage), the company bidding for Australia-based telecommunications provider Vocus Group Ltd., reflect the group's growing market position in the enterprise and government segment, infrastructure and service offering, cash flow generation, and credible deleveraging path. The company's smaller size and scale compared to industry peers, competitive markets, low margin retail division, and leveraged capital structure constrain the ratings. - Voyage intends to issue A$2 billion worth of secured term loan B (TLB) issuances to refinance its capital structure and partly fund its buyout by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super (Aware), which we view as strategic owners of Vocus. - On May 17, 2021, S&P Global Ratings assigned its preliminary '##-' long-term issuer credit rating to Voyage. We also assigned our preliminary '##-' long-term issue rating to the proposed TLB facilities issued by the company. - The stable...
