Credit analysts have upgraded their rating on Ono after the Spanish MSO completed a refinancing exercise. Moody’s said that Ono has rid itself of short-term financial pressures.
It added that the cabler’s recent performance has been good in a challenging operating environment and it has now reported four quarters of revenue growth.
“The change in outlook to positive from stable reflects the substantial improvement in Ono’s liquidity profile following its successful refinancing of the outstanding amounts under its existing senior credit facility,” said Ivan Palacios, Moody’s vice-president and senior analyst. “This refinancing effectively spreads the company’s €1.4 billion of debt maturities in 2013 over the period 2013-2018.”