Altice France's Credit Rating Cut Into Danger Zone for CLOs [BNN Bloomberg (Canada)]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: BNN Bloomberg
The two-step downgrade to Caa2 from B3 follows Altice's recent earnings announcement, where the company said it was expecting revenue decline and would need creditors to participate in discounted transactions to help reduce leverage, Moody's analysts wrote in a note Wednesday. CLOs, a crucial buyer of leveraged loans, have strict limits on how much of the riskiest junk debt they can hold and may look to quickly offload the debt. The company still has a higher B- grade from S&P Global Ratings. Moody's said the downgrade reflects the company's unsustainable capital structure — due to its high leverage and weak free cashflow, particularly in a high interest rate environment — as well as the competitive nature of the French market, the complexity of the group structure and its high appetite for leverage, and its weak liquidity owing to the large financing needs from 2025 onwards. “The company's probability of default has materially increased, given that its capital structure is uns
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SPGI
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- 4/26/24 - Miss
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- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- SPGI's page on the SEC website