United Group - comment

Adria Midco is the TopCo for the restricted group, and the change to B2 Stable reflects the completion of the sale of the Tower Assets. The impact on the SSNs is negligible, but this is a positive sign for the PIYCs. Adria Midco is structurally senior to Summer BidCo, the Issuer of the PIYC notes. Adria Midco is part of the SSN-restricted group, although it sits above where the assets are.