Moody’s Investors Service has announced this Thursday that it has lowered the classification Long-term CFR (Corporate Family Rating) (from B2 to B3) and the classification PDR (Probability of default rating) (from B2 to B3) of Altice International, which operates in Portugal.
In a statement issued Thursday, Moody’s says it has also downgraded the ratings on Altice Finco SA’s senior unsecured securities (from Caa1 to Caa2) and Altice Financing’s senior secured instruments and secured bank credit facility (from B2 to B3). ).
“oh panorama (outlook) for all entities has changed from negative to stable,” Moody’s said.
“oh degrade of the ratings reflects the prolonged deterioration of Altice International’s credit metrics and the expectation that they will not improve to levels consistent with ratings B2 existing for the next 12 to 24 months, despite the company’s stable operating performance,” says Ernesto Bisagno, Moody’s Vice President – Senior Credit Officer, quoted in the statement.
In the statement, Bisagno adds that “the action of classification it also takes into account the reduced financial flexibility of the company, due to the recent payment of dividends of 320 million euros, and its weak generation of free cash, which will be further pressured by the increase in the cost of debt”.
In addition to Portugal, Altice International operates in Israel, the Dominican Republic and owns TEADS.
Source: TSF
