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Altice France Downgraded Two Notches By Moody’s From B3 To Caa2[N]

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  • Downgrade comes on the guided deterioration in Revenue and EBITDA as a result of the slowdown of construction, fibre rental costs and inability to push inflationary costs to consumers.
  • Moody’s-adj leverage seen increasing to 7.4x from 6.8x at FY23 despite the company targeting a decrease in reported leverage to 4x from 6.2x with Moody’s citing a lack of visibility on the proposed deleveraging path.
  • Altice France has tight liquidity, with EUR 383mn cash and EUR ~300mn available from a EUR 1bn RCF. The RCF's net senior leverage covenant of 5.25x offers little leeway to the current 5.2x ratio though the exclusion of debt under the credit basket (~1x) gives some leeway.
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