S&P: Matterhorn negative, Midco notes B-

Standard & Poor's said it revised its outlook on Matterhorn Mobile Holdings SA, one of Orange Communications SA's holding companies, to negative from stable.

At the same time, the agency said it affirmed its B+ long-term corporate credit rating on Matterhorn Mobile Holdings.

The agency said it also assigned an issuer credit rating of B+ to Matterhorn Midco & Cy SCA, Matterhorn Mobile Holdings' parent, and a recovery rating of 6 and issue rating of B- to the proposed CHF 188 million senior notes maturing 2020, to be issued by Matterhorn Midco & Cy

Additionally, the agency affirmed its BB, BB-, and B- issue ratings on the CHF 100 million super senior revolving credit facility due 2018, the existing senior secured notes due 2019 and the existing senior unsecured notes due 2020. The recovery ratings on these instruments remain unchanged at.

S&P said the outlook revision reflects its view that the recapitalization initiative, only days after a €90 million dividend, demonstrates Matterhorn Mobile Holdings' financial policy's very aggressive nature, as set by its controlling equity sponsor.

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