Moody’s changes Matterhorn Telecom view

Moody’s Investors Service said it changed the outlook on Matterhorn Telecom Holding SA's and Matterhorn Telecom SA's ratings to stable from negative.

The entities are the ultimate holding company and intermediate holding company of Salt Mobile SA, respectively.

The agency affirmed Matterhorn Telecom Holding’s B2 corporate family rating, B2-PD probability of default rating and the Caa1 rating on its €117 million 4 7/8% senior notes due 2023 and €250 million 4 7/8% senior notes due 2023.

Moody's also affirmed the B2 rating on Matterhorn Telecom's CHF 450 million 3 5/8% senior secured notes due 2022, €1 billion 3 7/8% senior secured notes due 2022 and €525 million floating-rate senior secured notes due 2023.

"The change in outlook to stable from negative reflects the expected improvement in Salt's operating performance, with stabilizing revenues and continued growth in EBITDA,” Laura Pérez, vice president-senior credit officer and lead analyst for Salt, said in a news release.

“These trends will support Salt's de-leveraging profile to reach leverage levels, as measured by Moody's adjusted debt to EBITDA, consistently below 5x over the next two years."

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