S&P lifts Sunrise Communications view to positive

S&P said it revised its outlook to positive from stable on Sunrise Communications Holdings SA and affirmed the long-term corporate credit rating at BB+.

The outlook revision follows Sunrise's announcement that it has entered into a definitive agreement with a consortium led by Cellnex Telecom SA for the disposal of 2,239 telecom towers for CHF 500 million. Sunrise intends to use CHF 450 million of the proceeds to reduce its outstanding term loans, S&P said in a news release.

“Overall, this transaction reflects a fairly high valuation multiple, and will therefore be relatively material to Sunrise's capital structure given the size of the proceeds compared with Sunrise's outstanding financial debt (about CHF1.9 billion as of March 31, 2017),” S&P said.

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