S&P lowers Tele Columbus

S&P said it lowered its long-term issuer credit rating on Tele Columbus AG to B- from B. The outlook is negative.

At the same time, S&P lowered the issue rating on the company's €707 million senior secured term loan and €50 million revolving credit facility to B-. The recovery rating on this debt remains unchanged at 3, reflecting recovery prospects of about 55% in the event of default.

“The downgrade follows Tele Columbus' weaker-than-anticipated operating results in second-quarter 2018,” S&P said in a news release.

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