S&P turns United Group view to positive

S&P said it changed its outlook for United Group BV to positive from stable and affirmed its B issuer rating.

United reached an agreement to sell its mobile tower infrastructure unit for €1.2 billion, with proceeds designated to repay debt. S&P said it forecasts United to cut its adjusted debt to EBITDA to about 6x in 2023 and about 5.5x in 2024.

“The positive outlook reflects that we could raise the rating if UG successfully reduces its S&P Global Ratings-adjusted debt to EBITDA to below 6x and maintains at least neutral free operating cash flow (FOCF) after leases and before spectrum and investments in non-restricted subsidiaries,” S&P said in a press release.

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