Fitch ups Cableuropa loan to BB

Fitch Ratings said it upgraded Cableuropa SA's long-term issuer default rating to B+ from B, along with its senior secured bank facility to BB from BB- and affirmed the ratings of the company's subordinated facilities and high-yield bonds at B-. Cableuropa's short-term issuer default rating is affirmed at B.

The outlook is now stable.

The upgrade reflects the material progress Cableuropa has made in integrating the Auna acquisition, the combined scale and market position resulting from the acquisition and the company's consistent target delivery, Fitch said.

Fitch said it believes the Auna acquisition was a good strategic move, despite the pressure that this has had on Cableuropa's financial metrics. While continued network build remains a constraint on cash flows, Fitch said the company has a strong record of building out new homes and driving up adoption rates quickly.

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