Moody's assigns Altice notes B2

Moody's Investors Service said it assigned B2 ratings to the planned €2.75 billion-equivalent of notes maturing in 2029, to be issued by Altice Financing SA, the borrowing entity of Altice International Sarl.

The proceeds will be used to fully redeem the $2.5 billion of senior secured notes maturing in 2026 issued by Altice Financing, while the remaining part will increase available cash, net of fees and expenses, that the company intends to use for a leverage neutral acquisition, the agency said.

"The refinancing will extend Altice International's debt maturity profile and will bring additional interest savings of around €35 million annually. The refinancing is broadly leverage neutral, as we expect Altice International's Moody's-adjusted leverage to remain high at around 5.9x in 2021," said Ernesto Bisagno, a Moody's vice president, senior credit officer and lead analyst for Altice International, in a press release.

The outlook is negative.

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