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Reviews to:
Date: Thursday, 26. November 2015
Author: Gast
Review:
Sorry, I\'m busy at the moment homework papers Funds from operations (FFO) net leverage of 3.19x in 2012 remains high for the rating but heading in the right direction. Fitch\'s rating case forecasts a metric trending towards 3.0x by YE13, which is consistent with the current ratings. High single digit pre-dividend free cash flow to sales is also expected at the rating level. Metrics expected to remain consistently outside these levels are likely to lead to a downgrade, with TEF currently having limited ratings headroom.
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