S&P trims Vodafone view to negative

S&P said it revised the outlook to negative from stable and affirmed its BBB+ long-term issuer credit rating on Vodafone Group plc.

S&P said the outlook revision follows Vodafone's announcement that it has reached an agreement to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania for €18.4 billion, of which €10.8 billion will be paid in cash.

“We understand that the transaction will be funded through debt and cash, as well as €3 billion of mandatory convertible notes and €4 billion-€6 billion of hybrid securities,” S&P said in a news release.

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