Ratings agency, Moody’s, has upgraded Digicel International Finance Limited corporate family rating and its senior secured bank credit facility ratings to B3, with a stable outlook.

In a statement, Moody’s said the upgrade reflected the company's improved liquidity and capital structure following a debt restructuring process.

“It also incorporates our expectation that the company will build a positive track record under its new configuration posting Ebitda margin above 40 per cent supported by the company’s solid competitive position in the markets in which it operates,” said Moody’s.

The statement added: “Digicel’s ratings could be upgraded if the company continues building a positive operating track record under its new configuration, including execution of its operating plan to continue with steady revenue growth and cashflow generation, while maintaining an adequate liquidity.”

It added: “Visibility over the company's plans to extend its debt maturities would also be positive.

“The ratings could be downgraded if Digicel's liquidity worsens, due to negative operational pressures, or the company's inability to refinance its $2.3 billion in debt maturing in May 2027, at least 12 months in advance.”