S&P alters VTR view to stable

S&P said it revised VTR Finance NV’s outlook to stable from positive and affirmed its ratings, including the B rating on its senior notes and the B+ issue-level rating on VTR Comunicaciones SpA's senior secured bonds.

“In 2020, VTR Finance's parent, Liberty Latin America Ltd. (LLA), announced that it intended to shift its 80% stake in Cabletica, which it acquired in October 2018, to VTR Finance. However, the integration has been postponed for several quarters, and we assume it won't be completed before the first quarter of 2022. Therefore, our base-case forecasts are based now on VTR's stand-alone metrics in 2021, resulting in persistently higher-than-expected leverage and weaker free cash flow generation,” S&P said in a press release.

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