Tele Columbus - comment

Moody’s rating downgrade is mainly notable, as a Caa1 rating will preclude some investors from continuing to hold the SSNs. The need for an equity injection to facilitate debt maturities has been in the public domain for some time. The €1bn+ of SSN and TL A refinancing between Oct-24 and May-25 will require an equity injection, and there is no guarantee that it will come.