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Midroog Ltd. Confirms Baa1 Rating For Internet Gold’s Series C Debentures And Revises The Company’s Outlook From Negative To Stable

Internet Gold - Golden Lines Ltd. (The: " Company") announced today that Midroog Ltd., an Israeli rating company affiliated with Moody’s (“ Midroog”) confirmed the Baa1 rating in connection with the Company’s recent NIS 60 million issuance of additional Series C Debentures.

Midroog confirmed the rating with respect to a total possible issuance of up to NIS 125 million of Series C Debentures and also raised the Company’s outlook from negative to stable. The proceeds of the issuance will be used to support the Company's immediate and long-term liquidity needs.

According to Midroog, the additional issuance of Series C Debentures will provide the Company with a stable liquidity cushion for the expected future. The Baa1 stable rating takes in to account the recent issuance of NIS 60 million par value of Series C Debentures and the Company's ability to issue an additional NIS 65 million par value in the future, in accordance with the rating report.

In its rating report, Midroog stated that the stabilization of the Company’s prospects reflects the expected improvement in the Company’s repayment ability as a result of, among other things, the modifications to the Company’s subsidiary, B Communications Ltd. (" B Communications"), financing agreement with a consortium of Israeli banks and the dividend that B Communications announced lately and which is payable in December 2013.

Midroog added that the stable rating is supported both by the Company’s independent ability to repay its debt and by the strong financial profile of Bezeq, which is expected to continue to produce steady cash flows for the short and medium terms.

Midroog also noted the positive decrease in the Company’s leverage ratio during the past year, mostly due to a significant increase in the share value of B Communications and Bezeq. Midroog also noted the downgrade of the Company’s risk premium which enables the Company, to take advantage of the current issuance potential in the market.

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