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S&P rates Vodafone convertibles BBB-
Standard & Poor's said it affirmed its BBB+/A-2 long- and short-term corporate credit ratings on Vodafone Group plc.
The outlook is stable.
At the same time, the agency assigned its BBB- long-term issue rating to Vodafone's £1.44 billion of 18-month and £1.44 billion of three-year mandatory convertible notes.
S&P said the actions reflect that it consider Vodafone's announced 50-50 joint venture with Liberty Global plc's Ziggo in Holland – which will result in a deconsolidation of Vodafone's Dutch operations from its financial reporting – will have only an incremental negative financial impact on Vodafone, not material enough to alter our view of its credit quality.
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