On April 6, 2014, France-based cable operator Numericable Group S.A. (Numericable) announced an agreement with Vivendi S.A. to acquire its France-based telecommunications subsidiary SFR. We believe a merger would meaningfully improve Numericable's business risk profile to "satisfactory" from "fair." We are affirming our 'B+' long-term corporate credit ratings on Numericable and its subsidiaries Ypso Holding Sarl and Altice B2B Sarl. At the same time, we are assigning our 'B+' issue rating to the group's proposed senior secured term loan and senior secured notes. The stable outlook on Numericable reflects that on its parent Altice S.A., in view of Numericable's 'bb' stand-alone credit profile and its "core" status in the Altice group. On April 14, 2014, Standard&Poor's Ratings Services
