S&P changes TalkTalk view

S&P said it revised the outlook on TalkTalk Telecom Group plc to stable from positive and affirmed the BB- long-term corporate credit rating on the group.

At the same time, the agency affirmed the BB- issue rating on TalkTalk's £400 million senior notes. The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery prospects in the event of a payment default.

The outlook revision follows TalkTalk's weaker-than-previously anticipated operating performance in recent quarters, S&P explained.

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