S&P may raise Cableuropa, ONO Finance

Standard & Poor's said it placed its B- long-term corporate credit rating on Cableuropa SAU on CreditWatch with positive implications. The CCC rating on guaranteed subsidiary ONO Finance plc's senior unsecured notes was also placed on CreditWatch with positive implications.

This follows Cableuropa's announcement on July 30 that Grupo Corporativo ONO, Cableuropa's only shareholder, has reached an agreement with Grupo Auna and its principal shareholders to acquire 100% of Auna TLC, the fixed-line and cable business of the Auna Group, for about €2.25 billion.

S&P said the CreditWatch placement reflects the possibility that the ratings on Cableuropa could be raised if the business and financial profiles of the enlarged group are deemed to have strengthened as a result of the acquisition.

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