S&P puts TalkTalk on watch

S&P said it placed TalkTalk Telecom Group Ltd.’s B- issuer and issue ratings on CreditWatch with negative implications. The 3 recovery rating on the debt is unchanged.

“The CreditWatch placement reflects the refinancing risk around TalkTalk's maturity wall in February 2025. The company has disclosed its refinancing plan, which includes bringing in a new equity investor into the platform business and stand-alone debt on the platform and consumer businesses to extinguish the revolving credit facility (RCF) and bondholders' debt. We understand TalkTalk is making significant progress in this process but has yet to close a final transaction,” S&P said in a press release.

The agency warned it could downgrade the company if it does not see TalkTalk raising the funds needed to refinance its maturities before the secured notes become current.

S&P said it aims to resolve the negative watch within three months.

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