S&P lowers Altice view to negative

S&P said it revised the outlook on Altice Europe NV and its subsidiaries Altice Luxembourg SA, Altice France SA and Altice International Sarl to negative from stable.

The agency also said it affirmed the Altice France's B ratings.

Altice Europe's attempt to cut debt and turn around operations at its subsidiaries will hinge on the group improving its customer mix and monetizing heavy committed content costs in order to restore EBITDA growth, S&P explained.

The agency said it forecasts another year of negative free operating cash flow of about €300 million in 2019 and only break-even levels in 2020 – a year later than the previous expectation – as well as an adjusted debt-to-EBITDA ratio remaining higher than 6x through 2020.

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