Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2

venduto ultimo trancio di Frontier 11% a 64,926 US35906AAZ12 poi vedo se rientrare dopo dati IQ.
Dopo la mia vendita le han transate fino a 66,3, potevo far di meglio ma non capisco il balzo e penso che la prossima seduta scendano come già ha anticipato il dopoborsa delle azioni.
 
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Altice Luxembourg SA Senior Secured Notes 'B-' Rating Affirmed; '5' Recovery Rating Unchanged

  • 30-Apr-2019 15:46 EDT
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PARIS (S&P Global Ratings) April 30, 2019--S&P Global Ratings today has affirmed its 'B-' issue rating on the senior secured notes issued by Altice Luxembourg SA (B/Negative/--). The recovery rating on these notes is '5', reflecting our expectation modest (10%-30%; rounded estimate: 10%) recovery prospects in the event of a default.

KEY ANALYTICAL FACTORS

  • Under our hypothetical default scenario, we assume that SFR and Altice International are unable to upstream sufficient cash to service Altice Luxembourg's senior secured notes interest, due to a prolonged operating underperformance.
  • We thus anticipate that in an event of interest payment default, Altice Luxembourg would sell its stake in Altice International to repay its debt and that there would be sufficient equity value left, after reimbursing Altice International creditors, for recovery prospects of at least 10% for Altice Luxembourg's noteholders.
  • Our 'B-' issue rating and '5' recovery rating reflect the senior secured notes' reliance on dividends from its operating sub-groups SFR and Altice International to service its own debt, as well as their subordination to Altice Luxembourg's €200 million super senior RCF and all the indebtedness of the guarantors (all subsidiaries). The recovery prospects are slightly decreasing, from 15% to 10%, reflecting Altice International's perimeter change, asset disposals (100% of the Dominican Republic and 75% of the Portuguese towers) and lower EBITDA base (about 12% decline year-on-year, pro forma the new perimeter).
 

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