Fitch takes Sunrise Communications off watch

Fitch Ratings said it affirmed Sunrise Communications Holdings SA’s long-term issuer default rating of BB+. Fitch also affirmed Sunrise’s and Sunrise Communications AG’s senior secured instrument ratings at BBB-. Fitch removed the IDR and instrument ratings from rating watch negative and assigned a stable outlook.

The removal from RWN, affirmation of the IDR and assignment of a stable outlook reflect the cancellation of the proposed acquisition of Liberty Global plc’s Swiss operations. “That transaction, albeit founded on a strong industrial logic from a market and company perspective, was expected to put pressure on Sunrise’s leverage metric with the potential to push the ratio above its downgrade threshold for an extended period,” said Fitch in a press release.

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