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Fitch Ratings

Fitch anxious over Eutelsat debt

Paris-based satellite operator Eutelsat has successfully raised €600 million in fresh debt. The notes are due for repayment in 2029 and bear an interest rate of 9.75 per cent. Eutelsat says it intends to use the gross proceeds together with cash on hand, to fund the repurchase of its €800 million 2 per cent bonds […]

March 28, 2024

Viasat’s debt ratings adjusted by Fitch

Fitch Ratings has affirmed satellite operator Viasat and its subsidiaries’ Long-Term Issuer Default Ratings (IDRs) at ‘BB-‘ and removed all ratings from Rating Watch Negative (RWN) – which is good news for the company. Fitch has resolved the RWN as it expects Viasat’s debt leverage to decline and sustain within the current EBITDA leverage sensitivities […]

January 19, 2024

UK government loses £200m on OneWeb stake

The merger between Eutelsat and constellation operator OneWeb has cost the UK taxpayer around £200 million (€230.9m) in losses. The unexpected decision to rescue OneWeb from bankruptcy was driven, at least in part, by anxieties that China could gain control of the struggling business. Dominic Cummings, a key adviser to the now disgraced former Prime […]

January 2, 2024By Chris Forrester

Eutelsat suffers Fitch Ratings downgrade

Eutelsat’s shares hit another all time low on November 23rd, not helped by a downgrade from Fitch. The ratings agency downgraded Eutelsat’s debt to ‘BB’ although stated that the operators outlook was “stable”. However, the news didn’t help Eutelsat’s share price which crashed to €3.77 (from €4) although it finished the day at €3.81. The […]

November 24, 2023By Chris Forrester

Fitch: WBD JV neutral for BT’s rating

BT Group’s proposed joint venture with Warner Bros Discovery is neutral to BT’s rating, according to credit rating agency Fitch Ratings, who expect the impact on its credit metrics to be limited. “Deconsolidation of the JV should not affect the group’s EBITDA significantly, while the impact on net debt at transaction close is expected to […]

May 17, 2022By Colin Mann

Fitch: Orange, MásMóvil merger neutral to ratings

Orange Spain’s intention to merge its Spanish operations with MásMóvil in Spain will be neutral for the rating but will attract high EU competition and regulatory scrutiny due to resulting market consolidation, reports Fitch. Orange and MásMóvil have announced that they have entered into exclusive discussions to combine their businesses in Spain to create a […]

March 9, 2022

Analysis: Fibre, 5G capex limits Euro telcos’ FCF

According to credit rating agency Fitch Ratings, European telecoms operators continued heavy investment in rolling out fibre and 5G networks will keeping capex high and limit free cash flow (FCF) generation in the short term. The impact will be the greatest on incumbent operators’ FCF as they need to deploy both networks simultaneously and, in […]

January 27, 2022By Colin Mann