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Cableuropa S.A.U. Feb 11
Standard & Poors, Feb 2011
Abstract
Status as the leading alternative provider of telephony, broadband, and pay-TV services in Spain. Ability to offer fast and advanced broadband and content offerings. Strong profitability. Fierce competitive environment amid challenging economic conditions in Spain. Slack top-line growth and modest free cash flow generation. Limited financial flexibility with high debt maturities in mid-2013. Highly leveraged capital structure. Spain-based cable operator Cableuropa's S.A.U.'s refinancing and covenant-related risks continue to constrain the ratings, in Standard & Poor's Ratings Services' opinion. The ratings also reflect our view that the macroeconomic and competitive environment for Cableuropa's core telecommunication and pay-TV services in Spain remains difficult, that the group generates modest free operating cash flow (FOCF), and that it carries high debt leverage. However, supportive...
Companies mentioned in this report are: Cableuropa S.A.U.,ONO Finance II PLC,Nara Cable Funding Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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