France-based Numericable Group S.A. is a new, recently listed top holding company for the French telecommunications companies Ypso Holding Sarl and Altice B2B Sarl. We assess Numericable's business risk profile as "fair" and its financial profile as "aggressive." We are assigning our 'B+' long-term corporate credit rating to Numericable. The group's senior secured facilities are rated 'B+' and have recovery ratings of '3'. The stable outlook reflects our view that the group should be able to sustain its revenue base, slightly improve its EBITDA margin, and maintain adjusted leverage of 4.0x-4.5x over the next two years. On Nov. 14, 2013, Standard&Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to France-based cable operator Numericable Group S.A. The
