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Moody's puts GTT ratings under review for downgrade after Interoute deal

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Moody's puts GTT ratings under review for downgrade after Interoute deal

Moody's placed GTT Communications Inc.'s ratings under review for downgrade following the company's announcement of a deal to buy Interoute Communications Holdings SA, a provider of network and cloud services, for about $2.3 billion in cash.

The ratings placed under review for downgrade include the company's B2 corporate family rating, B2-PD probability of default rating, B1 senior secured rating and Caa1 senior unsecured rating.

GTT, a global cloud networking provider, will raise about $2 billion in new debt and $250 million of equity to fund the purchase.