Moody's downgrades Altice France Holding's PDR to D-PD

ALTICE FRANCE:

* Moody's has downgraded to D-PD from Ca-PD the probability of default rating (PDR) of Altice France Holding S.A., the parent company of French telecom operator Altice France S.A

* The rating action follows the missed interest payment on 15 May 2025, for Altice France Holding's 2027 senior unsecured bonds, which had a 30-day grace period and the announced suspension of debt service on all classes of debt.

* Moody's affirmed the Caa3 long-term corporate family rating (CFR), the C ratings on the senior unsecured instruments issued by Altice France Holding, and the Caa2 ratings on the backed senior secured and senior secured bank credit facilities instruments issued by Altice France

* The Caa3 CFR reflects Altice France Holding's unsustainable capital structure before the restructuring, given the high leverage and its weak free cash flow, the competitive nature of the French market, and the complexity of the group structure.