Moody’s takes various actions on Altice

Moody's Investors Service said it confirmed the B1 corporate family rating and the B1-PD probability of default rating of Altice International Sarl and assigned a definitive B1 corporate family rating and a B1-PD probability of default rating to Altice SA, Altice International's corporate parent.

The B1 senior secured debt ratings at Altice International's Altice Financing SA, a financing subsidiary, and the B3 senior notes ratings at Altice Finco SA, another financing vehicle of Altice International, were also confirmed.

In addition Moody's assigned (a) a definitive B3 rating to Altice's existing senior notes due 2022; (b) a provisional B3 rating to Altice's proposed new issuance of $1.8 billion and €500 million of senior notes due 2025; (c) a provisional B1 rating to the proposed issuance of $2.1 billion and €500 million of senior secured notes due 2023 and to the proposed €825 million-equivalent senior secured bank credit facility at Altice Financing; and (d) a provisional B3 rating to the proposed issuance of $ 385 million senior notes due 2025 at Altice Finco.

The outlook for all ratings is negative.

This concludes the review of Altice and Altice International's ratings initiated on Dec. 10.

Moody’s said the actions follow confirmation that Altice's purchase of the Portuguese assets of Portugal Telecom from Oi SA (Ba1, negative) was approved by the shareholders of Portugal Telecom, SGPS, SA (unrated) on Jan. 22. PT SGPS owns a substantial minority stake in Oi.

The purchase can now go ahead subject to standard regulatory reviews for a transaction of this nature. The new financing to be raised will be held in escrow pending closing of the transaction, which Altice expects to occur by the second quarter of 2015, the agency said.

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