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S&P lowers Altice USA
S&P said it lowered all its ratings for Altice USA Inc. a notch, including its senior secured loans issued through CSC Holdings LLC to B+
Altice no longer plans to sell its SuddenLink assets. “The absence of SuddenLink sale proceeds removes Altice USA's ability to reduce leverage below 5.5x over the next year, in our view. We project that debt to EBITDA will remain elevated at low-6x in 2023 given that it will be challenging for the company to improve EBITDA and free operating cash flow (FOCF). The company is operating in a more competitive environment that will likely pressure its highly profitable broadband revenue,” S&P said in a press release.
The outlook is negative.
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