S&P trims Altice France

S&P said it downgraded its ratings for Altice France SA and its secured debt to CCC+ from B- and Altice France Holding SA’s senior unsecured debt to CCC- from CCC.

“Following management's weaker 2024 guidance, we have revised our forecast for Altice France and now anticipate a significantly larger FOCF deficit. In 2023, the company recorded a decline in total reported revenues of 1.3% that was underpinned by a contraction in the fixed and mobile customer base. Reported EBITDA after leases declined by 4% year-on-year in 2023 as some operating costs and rental expenses increased faster than the top line,” S&P said in a statement.

As of the end of 2023, Altice France’s adjusted debt to EBITDA was 7x. S&P said it sees the ratio remaining stable in 2024.

The outlook is developing.

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