...- We forecast that DKT Holdings ApS, parent of Danish telecom operator TDC A/S, will invest more heavily than we previously expected in order to cope with fierce domestic competition. - We therefore think free operating cash flow (FOCF) may remain negative in 2020, compared with our previous forecast of a rebound to positive territory after its non-recurring outlay on spectrum in 2019. - S&P Global Ratings-adjusted EBITDA may slightly recover in 2020 on the back of cost savings and any content monetization, but hefty restructuring and transformation costs are a likely constraint, and may weigh on senior leverage after continuing dividend payments. - We are revising our outlook on DKT Holdings to negative from stable, and affirming the ratings at 'B+'. - The negative outlook reflects the risk of a one-notch downgrade within six to 12 months, should we continue to expect muted EBITDA recovery or steadily negative discretionary cash flows after investments and dividends....
