S&P ups Cableuropa outlook to positive

Standard & Poor's said it revised its outlook on Cableuropa SAU to positive from stable, following a review of the group's medium-term operating and financial prospects in the context of its business plan and market environment.

At the same time, the agency said it affirmed its B long-term corporate credit rating on the group and its CCC+ long-term debt rating on the senior unsecured debt issued by financing vehicles ONO Finance plc and ONO Finance II plc and guaranteed by Cableuropa.

Cableuropa continued to improve its operating and financial metrics in 2006, despite the challenges of integrating and transforming Auna TLC, the agency said, adding that the operating margin rose to 35% in the third quarter, from 27% in fourth-quarter 2005.

S&P said it-adjusted gross debt to last-quarter annualized EBITDA also improved, to 6.6x at Sept. 30 2006, from 7.6x at year-end 2005, respectively, 5.3 times and 5.9x on an unadjusted basis, thanks to earnings growth and despite higher debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.