Eccoci al dunque: l'operazione era da farsi (aveva senso industrialmente) e alla fine si è fatta. Il prezzo corrisposto da France Telecom per il controllo della jv svizzera (in cui TDC rimane socia per il 25%) genererà un'entrata di cassa di 1,5 mld euro (di cui, lo rammentiamo, almeno la metà da destinare obbligatoriamente ad abbattimento del debito, in forza dei covenant sul debito bancario secured di TDC) ed una impairment charge a carico della stessa TDC (in quanto il valore a bilancio dell'asset Sunrise eccedeva quello riconosciuto dall'operazione) attorno ai 500 mln euro.
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Tutto ciò dovrebbe portare a conseguenze positive in termini di rating... vediamo tuttavia in quali tempi, giacché di solito le agenzie preferiscono attendere la chiusura delle operazioni prima di trarre le conseguenze del caso.
Ed infatti per ora S&P incrementa l'outlook sul rating corporate di TDC, portandolo a positivo, e chiarisce che a loro avviso la chiusura dell'operazione Sunrise dovrebbe creare le condizioni per un upgrade del rating entro la metà del 2010.
Secondo S&P, l'importo di 1,5 mld eur ricavato dall'operazione sarà destinato integralmente a riduzione del debito. La riduzione del leverage (calcolata qui in considerazione del debito lordo anziché del netto in rapporto all'EBITDA) nell'immediato è abbastanza contenuta.
La chiusura della transazione si tradurrà in un miglioramento della metrica creditizia di TDC e della sua capacità di incrementare il FCF generato in conseguenza della riduzione del costo di servizio del debito...
TDC A/S Outlook Revised To Positive On Announcement Of Disposal Of Swiss Subsidiary; 'BB-/B' Ratings Affirmed
·TDC A/S and France Telecom S.A. have reached an agreement to combine their respective Swiss subsidiaries.
·France Telecom and will ultimately become a 75% shareholder in the combined entity, while TDC will hold the remaining 25%.
·We are revising the outlook on TDC to positive, as we expect this to improve TDC's financial risk profile in the near to medium term. We are affirming the 'BB-' long-term corporate credit rating.
FRANKFURT (Standard & Poor's) Nov. 26, 2009--Standard & Poor's Ratings Services said today it revised its outlook on Danish telecom operator TDC A/S and its immediate parent company Nordic Telephone Co. Holding ApS (NTCH) to positive from stable.
At the same time, the 'BB-' long-term and 'B' short-term corporate credit ratings on TDC and the 'BB-' long-term corporate credit rating on NTCH were affirmed.
The outlook revision follows the announcement by TDC A/S and France Telecom S.A. (A-/Stable/A-2) that they intend to combine their respective Swiss subsidiaries. "In our view this will potentially have positive effects for TDC's financial risk profile in the near to medium term if the combination is completed and if it receives consent from the Swiss competition and regulatory authorities, which is expected in the first half of 2010," said Standard & Poor's credit analyst Matthias Raab.
TDC will receive at closing a net amount of €1.5 billion from France Telecom, which we believe will be fully applied toward debt reduction.
TDC will become a 25% shareholder in the combined entity, while France Telecom will hold a 75% stake.
In addition, we understand TDC will receive a minimum additional payment of €1.2 billion for its remaining 25% stake in the medium term as determined by several exit-route mechanisms.
Furthermore, TDC reported solid operating results in the first nine months of 2009, despite the current macroeconomic downturn and very competitive domestic environment.
Pro forma the deconsolidation of EBITDA generated at TDC's Swiss subsidiary Sunrise, the €1.5 billion debt reduction, and excluding the preference shares sitting at TDC's ultimate parent company Nordic Telephone Co. Investment ApS., the adjusted total debt to last-12-months EBITDA on Sept. 30, 2009, improves slightly to 4.0x from 4.1x, according to our calculations.
The ratings remain constrained by the group's substantial adjusted leverage coupled with the limited revenue growth prospects in the mature, very competitive, and regulated Danish market. In addition, TDC's FOCF generation is compressed by the adverse Danish tax regime for highly leveraged companies.
These credit risks are mitigated by the group's positions as the leading operator in the Danish telecoms market, as well as its strong track record of improving operating efficiencies and good control over the Danish access, mobile, and broadband markets.
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The positive outlook reflects the potential for an upgrade in the next 12 months based on our expectations that TDC is likely to improve its free cash flow generation through lower interest expenses and improve its credit measures following the closure of the proposed transaction," said Mr. Raab.
) la valutano come un going concern (ossia non a rischio default in un momento individuabile "a priori"), la seguo qui perché è una società molto conosciuta in Italia, ed è giusto seguirla sul monitor, però posso valutarla al più in un'ottica di trading...
