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S&P trims VMED O2
S&P said it lowered VMED O2 UK Ltd.’s issuer rating to B+ from BB-.
The agency said it forecasts VMED O2 will produce weaker revenue and adjusted EBITDA in 2024 than previously expected, leading to adjusted debt to EBITDA clinging above 5x at least for the next two years. However, VMED O2 is expected to deliver 1%-3% revenue growth and 4%-6% adjusted EBITDA growth in 2025.
“Nevertheless, S&P Global Ratings-adjusted leverage is expected to stay higher than 5x for the next two years, absent any net debt reduction,” the agency said in a press release.
The outlook is stable.
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