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S&P might cut Telekom Slovenije
S&P said it placed its BB+ long-term issuer credit rating on Telekom Slovenije dd. on CreditWatch with negative implications.
The agency said the action follows the company's annual general meeting in May, where management proposed a total dividend payout of about €41 million, but the Slovenian sovereign holding that manages the 72% direct and indirect government stake in Telekom Slovenije instead implemented a dividend payout of €93 million.
S&P said the CreditWatch placement captures a view that a higher-than-expected dividend payment will significantly reduce Telekom Slovenije's cash balances and require the company to draw on a combination of committed long-term and short-term credit facilities, increasing its reliance on short-term credit facilities if it does not successfully secure additional long-term funding.
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