Altice SFR France - comment

S&P have downgraded Altice France to CCC, due to the risk of a distressed exchange of the bonds is increasing.  We see a distressed exchange as inevitable and would expect negotiations to recommence imminently.   In addition, our timeframe of an agreement between the creditors and the Company is quicker than the 12-month timeframe stated by S&P.  The Company has sufficient liquidity to meet the January and February bonds which are likely to be repaid at par.