On Feb 26, 2025, Altice France Holding S.A. (AFH) and Altice France S.A. (AF) reached an agreement with a group of holders of its term loans, senior secured notes, and senior notes, which together hold 55.0% of the company's secured debt and 51.2% of the company's unsecured debt. The transaction offers a cash payment, debt-to-equity swap, and new debt instruments with higher coupon and extended maturity. We view the proposed transaction as a distressed exchange and tantamount to a default under our criteria. This proposed restructuring is subject to the participation level in the agreement. Regardless, we believe the company will undertake a restructuring that we view as distressed. We therefore lowered our long-term issuer credit rating on AF and
