Altice France Rating Cut by S&P as Drahi Races to Lower Debt
- Downgrade to CCC+ from B- widely expected after investor call
- Firm is largest individual issuer of debt to European CLOs
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Altice France SA suffered a second cut to its credit rating in two days, as S&P Global Ratings downgraded the struggling telecoms firm, adding further pressure on the collateralized loan obligations holding the debt.
The downgrade on Thursday to CCC+ from B- was widely expected after the company told its creditors in a call with investors last week that they would need to accept haircuts to help it meet more aggressive leverage targets. Moody’s Ratings previously downgraded Altice France Holding SA and Altice France SA’s debt instruments to one of its lowest tiers.