S&P rates Telecom Argentina notes CCC+

S&P said it assigned a CCC+ rating to Telecom Argentina SA’s proposed senior unsecured notes due 2025.

The company wants to exchange its outstanding $465.8 million of 6˝% senior unsecured notes due 2021 for the proposed 2025 notes that will amortize starting in 2023. Together with the exchange, the company intends to raise an added amount of new notes that will be consolidated into the same series.

“We view the debt exchange as a measure of active debt management and not a distressed exchange. The existing notes have about a year to mature, and in our view, the company’s liquidity position and projected cash generation don’t reflect any type of distress at this point,” S&P said in a press release.

S&P also affirmed Telecom Argentina’s CCC+ ratings.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.