Altice International - comment

Press reports from Portugal indicate the sales process of Altice Portugal has ended, due to price.  This is disappointing news for the wider Altice Group and although calls into question the actual valuation of the underlying asset, it is a positive for the Altice International credit.  The risk of a large dividend and the credit turning into an EM credit dissipates if there is no sale of the Portuguese asset.  There is no official confirmation from the Company, and all indications are that the process has paused rather than ended. Still, without the sale, underlying performance should come closer to the fore, supporting trading levels.