S&P downgrades Claranet

S&P said it lowered the long-term issuer credit rating on Claranet International Ltd. to B- from B and the issue rating on Claranet's term loans to B- from B.

The outlook is stable.

“Due to the growing cost of debt and remaining challenges in the U.K., we forecast Claranet's post-lease free operating cash flow (FOCF) to remain negative in fiscal 2024 and turn only minimally positive in fiscal 2025,” S&P said in a news release.

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