Moody’s Investors Service assigned a Ba2 rating to Frontier Communications’s senior secured term loan A. Concurrently, Moody’s said it affirmed Frontier’s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, Ba3 senior unsecured notes rating and SGL-1 Speculative Grade Liquidity Rating. Frontier’s outlook remains stable.

Proceeds from the new term loan A will be used to help finance the purchase of Verizon Communications’ local wireline assets in the states of Florida, Texas, and California.

Moody’s said $1.5 billion of new debt was rated.

Access previous news story on the financing that appeared on ABFJ.com here.

Access the full text of Moody’s Investors Service report here.