DFMG Holding secures BBB+ ratings on EUR 1 billion notes refinancing
DFMG Holding GmbH has secured final BBB+ ratings on two senior secured note issuances totaling EUR 1 billion, extending its funding profile through 2031 and 2033. The proceeds are set to refinance drawings under the TLA facility, fund distributions, and support general corporate purposes, while the company's existing issuer and issuance ratings remain unchanged with a stable outlook.
Highlights
- KBRA assigns final BBB+ ratings to DFMG Holding GmbH's EUR 500 million 4.875% notes due 2031 and EUR 500 million 5.250% notes due 2033.
- Proceeds from the new EUR 1 billion senior secured notes will refinance TLA facility drawings, fund distributions, and support general corporate purposes.
- DFMG Holding GmbH's ownership of about 44,600 mobile sites in Germany and Austria underpins its stable credit outlook and major tower operator status.
Note issuance supports refinancing plan
As reported by Kroll Bond Rating Agency, KBRA assigns final BBB+ ratings to DFMG Holding GmbH's EUR 500 million 4.875% senior secured notes due 2031 and EUR 500 million 5.250% senior secured notes due 2033.The agency also affirms the company's existing BBB Issuer rating and BBB+ Issuance ratings. The outlook remains stable, indicating no change in KBRA's current view of the group's credit profile.
The new notes are intended to refinance outstanding drawings under the TLA facility, fund distributions, and cover general corporate purposes. The rating report is based on information available as of 15 October 2026 regarding DFMG Holding GmbH and the terms of the senior secured note issuance.
Tower infrastructure scale underpins credit profile
GD Towers Holding GmbH, through its wholly owned subsidiary DFMG Holding GmbH, owns and operates about 44,600 mobile sites across Germany and Austria. The business focuses on acquiring, leasing, building, maintaining, and managing passive mobile communications infrastructure.That asset base positions the company as a major European tower operator, giving it exposure to long-term mobile network infrastructure demand in its core markets. The affirmed ratings suggest KBRA continues to view the group's operating platform and refinancing actions as consistent with its current credit standing.
Our earlier coverage of Hainan Rubber’s proposed subordinated perpetual sustainable securities explained how the planned Halcyon Agri issuance was positioned to refinance offshore debt and why the notes were rated below the issuer level due to subordination and coupon-deferral features. We also highlighted the group’s operating scale in natural rubber, its high leverage metrics, and the liquidity backstops and state-linked support factors that underpinned the rating rationale.
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