Altice France Rating Cut by S&P After Moody's Downgrade.

Altice France SA's credit rating has been lowered by S&P Global Ratings, following a previous downgrade by Moody's Ratings. Altice France, a telecommunications company owned by billionaire Patrick Drahi, has a high debt ratio and is aiming to reduce its leverage. The company is also facing a preliminary probe into corruption allegations at the wider Altice conglomerate. The downgrade puts further pressure on the collateralized loan obligations holding the debt. [Extracted from the article]