Moody's upgraded its corporate family rating on Bulgarian Telecommunications Co. d/b/a VIVACOM to Ba3 from B1 and affirmed its probability of default rating at B1-PD.

The outlook on the ratings is stable.

"The upgrade of Vivacom's ratings reflects the company's successful completion of a refinancing package which will be used to repay in full by April 2018 the company's outstanding €400 million notes due November 2018," Alejandro Núnez, a Moody's vice president, senior analyst and lead analyst for Vivacom, said in a statement.

The upgrade also reflects the company's "consistent track record of steady deleveraging since 2013, our expectation of a continued improvement in key credit metrics, and the company's conservative financial policies," Núnez added.