...- Altice Europe N.V. is pushing down Altice Luxembourg S.A.'s remaining 4.5 billion of debt into Altice France S.A., while terming out drawings under the latter's revolving credit facility (RCF) with a new 500 million secured notes issuance. - We expect adjusted leverage to rise by about 1.1x to 6.0x in 2020, with reported free operating cash flow (FOCF) after leases reducing to about 350 million from our estimate of 550 million-650 million over 2020-2021, leading us to revise the stand-alone credit profile (SACP) to 'b' from 'b+', in line with parent Altice Europe. - We are affirming our 'B' long-term issuer credit and issue ratings on Altice France and its secured debt, and assigning our 'B' rating to the proposed secured notes, '###+' ratings to the proposed senior notes, and preliminary '###+' ratings to the proposed exchange notes, which is a notch lower than the Altice Luxembourg debt they replace. - The outlook reflects a possible downgrade of Altice France over the next few months...
