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S&P trims ER-Telecom view to negative
S&P said it revised its outlook on ER-Telecom to negative from stable and affirmed the B+ long-term corporate credit rating. At the same time, S&P also affirmed the ruA Russia national scale rating on ER-Telecom.
S&P said the outlook revision reflects its view that ER-Telecom will continue to invest in growth, including through mergers and acquisitions, which will result in negative free operating cash flows.
“We now expect that ER-Telecom’s adjusted leverage will exceed 3.0x (compared with 2.1x in 2015) and remain close to or below 3.5x in 2016-2017,” S&P said in a news release.
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