S&P ups Cableuropa, units notes to CCC

Standard & Poor's said it raised its long-term corporate credit rating on Cableuropa SAU to B- from CCC+.

At the same time, the rating on guaranteed subsidiary ONO Finance plc's senior unsecured notes was raised to CCC from CCC-. The outlook is stable.

S&P said the rating action follows Cableuropa's recent announcement that it has signed and closed a new €1.25 billion senior secured bank facility to refinance the existing senior credit facilities of Cableuropa and Retecal, the cable operator with which Cableuropa will merge later this year.

"The upgrade reflects Cableuropa's improved financial flexibility and reinforced balance sheet after the refinancing of its bank facility," said S&P credit analyst Leandro de Torres Zabala. "The new senior secured facility provides the group with flexibility to continue growing its enlarged business and to better control its future."

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