S&P: Altice notes BB-, B-

Standard & Poor's said it assigned a preliminary B+ long-term corporate credit rating to Cool Holding Ltd.

The agency also said it assigned a preliminary BB- rating to the proposed $700 million senior secured notes due 2019 to be issued by Altice Financing SA.

The recovery rating on the senior secured notes is 2, indicating 70% to 90% expected recovery in a default.

S&P also said it assigned a B- preliminary rating to the proposed $390 million senior unsecured notes due 2020 to be issued by Altice Finco SA. The recovery rating on the senior unsecured notes is 6, indicating 0% to 10% expected recovery in a default.

The outlook is positive.

The ratings reflects the group's highly leveraged financial risk profile following the proposed $1.09 billion debt issue to fund the acquisition of the remaining stake that Cool does not already own in Hot Telecommunication Systems Ltd., S&P said, and to refinance certain existing debt at Cool and Hot.

The ratings are supported by Cool's satisfactory business risk profile, the agency added.

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