Fitch Withdraws Cableuropa S.A.'s Ratings
Fitch has simultaneously withdrawn Cableuropa's IDR as it is no longer considered by the agency as analytically meaningful following the repayment of all outstanding debt by the company. The repayment follows the acquisition of Grupo Corporativo Ono, S.A. (Cableuropa's ultimate holding company) by Vodafone in March 2014. A full list of withdrawn ratings is at the end of this release.
KEY RATING DRIVERS
Parent-Subsidiary Linkage
Following Vodafone's acquisition of Ono, Fitch rated Cableuropa using a top-down approach in line with Fitch's methodology on parent-subsidiary linkage. Given the strong operational and strategic ties between the two companies and in the absence of a parent company guarantee by Vodafone of Cableuropa's existing debt, Cableuropa was rated one notch lower than its parent at 'BBB'.
Vodafone Tender Offer
Vodafone launched a tender offer to repurchase all the listed notes of Nara Cable Funding Limited and of Ono Finance II plc on 30 July 2014. The issuers are standalone entities that issued the notes to provide loans to Cableuropa. The tender offer was completed on 1 December 2014 when all remaining outstanding notes were redeemed and cancelled, along with the repayment of all bank debt.
The following ratings have been withdrawn:
Cableuropa:
Long-term IDR: 'BBB'; Stable Outlook
Senior secured bank facility: 'BBB'
ONO Finance II plc
Unsecured notes: 'BBB-'
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