Fitch downgrades Vodafone

Fitch Ratings said it downgraded Vodafone Group plc’s long-term issuer default rating to BBB from BBB+.

“The downgrade reflects our expectation of elevated leverage following the completed acquisition by Vodafone of Liberty Global's assets in Germany, Czech Republic, Hungry and Romania. Fitch expects Vodafone's pro-forma funds from operations adjusted net leverage to reach 4.1x in financial year to March 2020 and to subsequently remain above our downgrade threshold for a BBB+ rating of 3.5x,” Fitch said in a press release.

Fitch also revised the outlook to stable and has removed all of Vodafone’s ratings from rating watch negative.

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