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S&P trims TalkTalk
S&P said it trimmed TalkTalk Telecom Group Ltd. and its senior secured notes to B from B+. The agency also assigned a rating to Tosca IOM Ltd., TalkTalk’s holding company.
“The downgrade is following weaker-than-expected operating performance by TalkTalk. In the first half of FY2022, TalkTalk's headline revenue declined by 2.2% and EBITDA–including a one-off accounting impact–declined by 12.2%, compared with our expectation of low single-digit growth,” S&P said in a press release.
The agency said it now projects TalkTalk's adjusted leverage will be about 6.4x-6.6x and it will generate negative FOCF of £20 million-£30 million in FY2022 (or, excluding PIK toggle debt of about £300 million and interest of £32 million, adjusted leverage of about 5.1x-5.3x and positive FOCF of up to £10 million).
The outlook is negative.
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