Altice International - comment

S&P downgraded Altice International on Friday to B- with a negative outlook, citing the higher interest burden due to underlying rates, the impact of the Israel-Hamas war on its Israeli operations and the depreciation of the Israeli shekel and Dominican peso against the Euro.  

However, bondholders are more focused on governance issues and the potential for Altice International to provide support for its sister company Altice SFR France.  We expect Q1 results imminently, where the Company should provide an update on the various asset sales processes.