| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Altice International Sarl > News item |
S&P downgrades Altice
S&P said it lowered Altice NV and its rated subsidiaries, Altice International Sarl, Altice Luxembourg SA and SFR Group SA, to B from B+.
The agency also lowered its issue rating on the senior secured notes issued by Altice Luxembourg to B- from B. The recovery rating remains at 5, reflecting an expectation of 15% recovery in the event of a default.
The outlook is stable.
At the same time, the agency removed the ratings from CreditWatch where they were placed with negative implications on Jan. 16.
S&P said that Altice’s attempt to cut debt and turn around operations in France will hinge on the group stabilizing customer churn, asset disposals and monetizing heavy committed content costs.
“We forecast negative free operating cash flow of about €0.8 billion in 2018 and only break-even levels in 2019, as well as adjusted debt to EBITDA remaining higher than 6x in 2018-2019 excluding asset disposals,” the agency said in a news release.
© 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.