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Pin to quick picksVodafone Share News (VOD)

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S&P Downgrades Vodafone Rating To BBB On Liberty Global Deal

Thu, 01st Aug 2019 14:38

(Alliance News) - S&P Global Ratings on Thursday downgraded Vodafone Group PLC's issuer and issue ratings to BBB from BBB+, following the completion of its largely debt-financed acquisition of Liberty Global PLC assets.

Shares in the FTSE 100-listed telecommunications group were up 1.0% at 151.62 pence on Thursday in London.

The credit agency has also retained its stable outlook for Vodafone following the deal.

Earlier on Thursday, Vodafone announced the completion of its acquisition of Liberty Global's operations in Germany, Czech Republic, Hungary and Romania for the enterprise value of EUR18.4 billion.

S&P said that it views the Liberty Global acquisition as positive for Vodafone's competitive position in the German market, but due to the transaction scale and the group's existing position in the country, the transaction does not change the agency's view of its business risk.

S&P forecasts that Vodafone's adjusted debt-to-earnings ratio before interest, taxes, depreciation and amortisation will peak at 3.4 times at the end of its 2020 financial year.

The ratio includes the EUR2.14 billion of cash that will come from Vodafone's merger of its transmission towers in Italy into INWIT SpA, the towers unit of Telecom Italia.

"However, we expect no material effect on our S&P Global Ratings-adjusted ratios as we assume that the cash benefit will be largely offset by the expected capitalization of the lease liability," S&P said.

"We generally do not view the potential partial disposal of tower assets as significantly improving the financial risk profile on an S&P Global Ratings-adjusted basis because the towers are a long-term critical infrastructure for the operations," the agency added.

The stable outlook, meanwhile reflects the agency's expectation that Vodafone can reduce adjusted leverage from the 3.4x peak in 2020, driven by a positive Ebitda rise from cost efficiencies and synergies with Liberty Global subsidiary Unitymedia.

There is also the chance of positive cash flow generation of EUR1 billion in the 2021 financial year on the completion of several 5G spectrum auctions, Moody's noted.

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28 Mar 2024 15:05

Directors dealings: Vodafone chairman follows in CFO's steps, buys shares

(Sharecast News) - Vodafone's chairman bought a big batch of shares in the telecommunications outfit just ahead of the Easter break.

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28 Mar 2024 13:54

IN BRIEF: Vodafone Chair Boxmeer buys GBP570,000 in shares

Vodafone Group PLC - Berkshire, England-based telecommunications provider - Chair Jean-Francois van Boxmeer buys 823,500 shares at GBP0.69 each, worth GBP568,215, in London on Wednesday.

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27 Mar 2024 09:40

LONDON BROKER RATINGS: Sainsbury's, Petershill Partners upped to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

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26 Mar 2024 11:21

Vodafone Germany to cut 2,000 jobs in revamp

FRANKFURT, March 26 (Reuters) - Vodafone Germany aims to save around 400 million euros ($434.48 million) over the next two years as part of a restructuring that will hit some 2,000 jobs, the company said on Tuesday.

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26 Mar 2024 11:15

UPDATE: Vodafone Germany cuts 2,000 jobs as part of savings programme

(Alliance News) - Vodafone GmbH is cutting and relocating around 2,000 jobs in a bid to save EUR400 million in the next two years, the Dusseldorf, Germany-based subsidiary of Vodafone Group PLC announced on Tuesday.

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26 Mar 2024 10:43

Vodafone Germany: 400-mln-eur restructuring to affect 2,000 jobs

BERLIN, March 26 (Reuters) - Vodafone Germany said on Tuesday that it aims to save around 400 million euros ($434.48 million) over the next two years as part of a transformation programme that will affect some 2,000 jobs.

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26 Mar 2024 10:42

Vodafone Germany cutting 2,000 jobs as part of savings programme

(Alliance News) - Vodafone GmbH is cutting and relocating around 2,000 jobs in a bid to save EUR400 million in the next two years, the Germany, Dusseldorf-based subsidiary of Vodafone Group PLC announced Tuesday.

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22 Mar 2024 16:09

London close: Stocks mixed as Bailey hints at rate cuts

(Sharecast News) - London's stock markets closed in a mixed state on Friday as investors weighed optimistic retail sales data against remarks from Bank of England Governor Andrew Bailey.

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22 Mar 2024 11:46

LONDON MARKET MIDDAY: FTSE 100 boosted after week of rate decisions

(Alliance News) - The FTSE 100 in London were higher at midday on Friday, as investor sentiment remained high, after there were no surprises from UK and US central banks this week.

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22 Mar 2024 09:19

TOP NEWS: UK CMA says Vodafone/Three merger raises competition worries

(Alliance News) - The UK Competition & Markets authority on Friday said a planned merger between Vodafone UK and Three UK could raise consumer prices and harm investment into UK mobile networks.

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22 Mar 2024 07:32

CMA warns Vodafone, Three deal will face full probe if solutions not given

(Sharecast News) - Vodafone and Three UK have been told to find ways to assuage Britain's competition regulator that their planned $19bn merger would not leave consumers worse off or face a full investigation.

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18 Mar 2024 16:23

Director dealings: Vodafone CFO makes share purchase

(Sharecast News) - Vodafone Group revealed on Monday that chief financial officer Luka Mucic had acquired 2.46m ordinary shares in the FTSE 100-listed telecommunications giant.

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18 Mar 2024 09:39

IN BRIEF: Vodafone CFO buys 2.5 million shares for GBP1.7 million

Vodafone Group PLC - Berkshire, England-based telecommunications provider - Group Chief Financial Officer Luka Mucic purchased 2.5 million shares on Friday in London at 69.64 pence each for GBP1.7 million in total. Vodafone also on Friday announced the sale of its Italian business to Swisscom AG for EUR8 billion, with EUR4 billion to be returned to shareholders through a buyback. It said, however, that annual dividends from financial 2025 onwards will be rebased to 4.5 euro cents, down from 9.00 cents for financial 2024.

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15 Mar 2024 16:55

LONDON MARKET CLOSE: FTSE closes in red; Reckitt plunges on lawsuit

(Alliance News) - The FTSE 100 in London closed lower on Friday, ahead of a busy week for interest rate decisions.

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15 Mar 2024 15:07

London close: Stocks finish mixed after Reckitt compo blow

(Sharecast News) - London's equity markets finished in a mixed state at the end of a quiet trading session on Friday, after another hotter-than-expected US inflation reading overnight.

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