S&P rates Altice Luxembourg notes B-

S&P said it assigned a B- issue rating to Altice Luxembourg SA's proposed notes. The recovery rating on its senior secured debt remains 5 (recovery estimate: 10%).

Altice France SA's proposed €1 billion debt repayment slightly improves senior secured recovery prospects to 65% from 60%. The issue rating remains unchanged at B with a recovery rating of 5.

The B ratings and negative outlook on the group remain unchanged.

S&P said Altice Europe NV (B/negative/--) will see improved free operating cash flow, but no material change in its leverage and free cash flow metrics as a result of its proposed €1.8 billion debt repayment (€1 billion at Altice France and €800 million at Altice Luxembourg) and €2.8 billion of new issuance at Altice Luxembourg to refinance its 2022 bonds.

“The debt repayment does not change our view on Altice Europe's overall financial risk profile,” S&P said in a news release.

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