S&P rates Altice notes B

Standard & Poor's said it assigned its preliminary B+ long-term corporate credit rating to Altice SA. The outlook is stable.

At the same time, S&P assigned preliminary B issue and preliminary 5 recovery ratings to Altice's proposed €4.15 billion equivalent senior secured notes.

The preliminary rating on Altice reflects S&P's assessment of its financial risk profile as "highly leveraged" and S&P's view of its business risk profile as "satisfactory."

Altice is planning to issue €4.15 billion equivalent of senior secured notes to fund its participation in a new rights issue at Numericable Group, as part of the expected merger between Numericable Group and SFR, Vivendi's telecoms business, a transaction that will be primarily debt funded.

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