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S&P slices Tele Columbus
S&P said it downgraded its ratings for Tele Columbus AG and its secured term loan to CCC from B-.
“We anticipate Tele Columbus AG (TC) will continue delivering weak operating performance in 2023, with broadly stable revenue, a subdued EBITDA margin of about 38%-39%, and negative free operating cash flow (FOCF),” the agency said in a press release.
S&P warned that without any positive developments, TC could face a liquidity crunch over the next six to nine months.
“Moreover, we believe that TC's capital structure is currently unsustainable, with adjusted leverage remaining at about 8x and significantly negative FOCF, increasing the risk of a refinancing and potential restructuring of its senior secured term loan maturing October 2024,” S&P said.
The outlook is negative.
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