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Fitch rates Sunrise notes, loans BB
Fitch Ratings said it assigned a long-term issuer default rating of BB- to Sunrise Communications Holdings SA.
The outlook is stable.
Fitch also assigned a BB rating to the senior secured notes issued by Sunrise Communications International SA and the senior secured credit facilities borrowed by Sunrise Communications AG and Skylight Sarl. The agency also assigned a B rating to the company's senior notes.
The ratings reflect Sunrise's strong No. 2 market position within the Swiss mobile telecommunications market, underpinned by historical growth in the subscriber base, stable trends in ARPUs and subscriber acquisition costs, Fitch said.
The ratings are constrained by the company's leveraged capital structure and high cash interest expenses exerting pressure on cash flow generation, the agency said.
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