S&P affirms Altice Luxembourg notes at B-

S&P said it affirmed its B- issue rating on the senior secured notes issued by Altice Luxembourg SA (B/negative/--). The recovery rating on these notes is 5, reflecting an expectation of modest, although improving recovery prospects (10%-30%; rounded estimate: 15%).

“Our B- issue rating and 5 recovery rating reflect the senior secured notes' reliance on dividends from SFR and Altice International to service its own debt, as well as their subordination to Altice Luxembourg's €200 million super senior revolving credit facility (RCF) and all the indebtedness of the guarantors (all subsidiaries),” S&P said in a news release.

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