The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Moody’s upbeat on European cable operators

Cable telecoms companies in Europe have reached an optimum level of leverage after the last two years of restructuring, according to a special report from rating agency Moody's.

The financial restructurings that were completed in 2003 have prompted a revival in investor demand for European cable debt this year. Examples include Kabel Deutschland, which issued $610 million and ?250 million in bonds in June, Tele Columbus, which issued a total of ?575 million in April, and NTL Cable, which issued ?225 million, $525 million and £375 million worth of bonds in March.

Although Moody's cautions that cable companies still have high leverage levels compared to other sectors, reflected in the fact they are all rated in the single-B category, debt is now low enough to enable them to pay interest and fund capital requirements without the speculative growth that was required in previous forecasts.

?Operators have enjoyed a resurgence in debt issuance over the past year on the back of more conservative balance sheets and business plans and the resultant improvement in investor sentiment,? according to the report. Moody's has rated over ?4 billion in new bond issuance and ?7 billion in new bank facilities for European cable operators since December 2003.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree