S&P alters Altice USA view to negative

S&P said it revised Altice USA Inc.’s outlook to negative from stable and affirmed all its ratings, including the BB senior secured ratings on the notes and loans issued by subsidiary CSC Holdings.

“Altice's credit metrics are currently stretched for the rating, and we believe there is uncertainty around the company's ability to improve subscriber metrics and grow earnings. Given the weakness in first-quarter 2022, it is now unclear whether Altice can increase its number of broadband subscribers in 2022 compared with our previous expectation for 38,000 net adds in 2022 and 83,000 in 2023,” S&P said in a press release.

The agency also warned it could tighten the ratings triggers if broadband revenue growth does not materialize or EBITDA trends do not improve in the second half of 2022 and into 2023.

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