Altice International - comment

While we await the finalised restructuring proposal at Atlice France, S&P have downgraded Altice International's structure, with the Senior Secured Notes downgraded to CCC+ and the subs downgraded to CCC-.  S&P view Altice International’s capital structure as unsustainable in the long term with the Company unable to return to its 4-4.5x leverage target. 

On Altice France, repeated press releases appear to indicate an imminent deal, with Senior Secured lenders receiving 30% of the equity post-restructuring plus cash and reinstated debt will total c.87%.  The outstanding issues relate to documentation rather than economics with lenders trying to tighten up language concerning asset sales proceeds.