...- TalkTalk Telecom Group Ltd. (TalkTalk) has completed a debt restructuring that improved its debt maturity profile and short-term liquidity position. - However, we view TalkTalk's capital structure as unsustainable due to very high financial leverage and uncertainty over its ability to turn around its business performance, making it dependent upon favorable business, financial, and economic conditions to meet its financial commitments. - We raised our long-term issuer credit rating on TalkTalk to '###+' from 'D' (default). - We also assigned our 'B-' issue rating and '2' recovery rating to TalkTalk's ú562 million senior secured first-lien notes; and our '###-' issue rating and '6' recovery rating to the ú332 million second-lien notes. - The stable outlook reflects our view that TalkTalk's financial performance will stabilize in fiscal 2026 (year ended Feb. 28) on cost savings, ethernet growth, and improving average revenue per user (ARPU), and despite continued customer attrition in the...
