...July 14, 2023 This report does not constitute a rating action. London (S&P Global Ratings) July 14, 2023--S&P Global Ratings today said that TalkTalk Telecom's announcement of the sale of its B2B direct unit should provide additional liquidity considering its upcoming refinance. However, execution risk for outstanding maturities remains. The announcement of the B2B disposal, coupled with shareholder support in the form of backstop financing, is supportive for TalkTalk's upcoming debt maturities, and we anticipate that the funds will more than cover the ú132 million drawn revolving credit facility due November 2024. We believe TalkTalk will therefore be able to maintain adequate liquidity over the next 18 months, with the next big maturity to tackle being the ú685 million secured notes due February 2025. We expect to review the rating (B-/Stable/--) before the secured notes reach 12 months to maturity, ideally once we have better visibility on the status of TalkTalk's plans for the consumer...
