S&P assigns BB- to Altice Financing notes, loans

Standard & Poor’s said it assigned its BB- issue rating to the proposed senior secured notes and senior secured term loans issued by Altice Financing SA, a financing subsidiary of Altice International Sarl.

S&P assigned a recovery rating of 2 to the proposed notes, indicating an expectation of substantial (70%-90%) recovery in the event of a payment default.

At the same time, S&P assigned an issue rating of B- and a recovery rating of 6 to the proposed senior notes to be issued on an unsecured basis by Altice Finco SA.

The proceeds of the senior secured facilities will be used to finance Altice International’s acquisition of Portugal Telecom. In addition, Altice SA, the equity holder of Altice International, will raise an additional €2 billion equivalent to onlend to Altice International to fund the acquisition.

S&P has assigned an issue rating of B and a recovery rating of 5 to the notes Altice SA will issue.

At the same time, S&P affirmed the existing issue ratings on the senior secured loans and notes issued by Altice Financing at BB-. The recovery rating is 2. S&P also removed the notes from CreditWatch with negative implications, where they had been placed in November.

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