S&P rates Matterhorn notes B+

S&P said it assigned its B+ issue rating to the senior secured notes equivalent to CHF 2.085 billion to be issued by Matterhorn Telecom SA (B+/stable/--), the financing subsidiary of Swiss mobile operator Matterhorn Telecom. The recovery rating on the notes is 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of default.

S&P also affirmed its B+ issue rating on the group's €400 million senior secured notes issued by Matterhorn Telecom SA in November 2017 and that will remain post-refinancing. The recovery ratings remain unchanged at 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery.

“Our rating actions follow the group's proposed refinancing of its floating- and fixed-rate senior secured notes (except for the one maturing in 2027) and of its unsecured notes, with the issuance of CHF-equivalent 2,085 million senior secured notes maturing in 2025-2026,” S&P said in a news release.

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