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2016-04-21 02:28:39 We were at ●●●●●● ●●●●●●er cheap ●●●●●●●●●●●● DT's ●●●●●●ge is high for its ●●●●●● level, and is ●●●●●●ted to be close to Fitch's ●●●●●●ade ●●●●●●r of 3.5x in funds from ●●●●●●ions (FFO) ●●●●●●ed net ●●●●●●ge at end-2013. Fitch ●●●●●●s that the ●●●●●●y would ●●●●●●rage from that level in 2014 - a ●●●●●●e to do so would ●●●●●● ●●●●●●te the ●●●●●●ment's ●●●●●● debt ●●●●●●nce than ●●●●●●tly ●●●●●●ed by the ●●●●●●. Fitch ●●●●●●es the ●●●●●●y ●●●●●●s a ●●●●●●●●●●●● ●●●●●●ty based on its ●●●●●●ve free cash flow ●●●●●●tion. H●●●●●●, cash flows will be ●●●●●●sed by high ●●●●●●k ●●●●●●ments over the next three to four years. The ●●●●●●y is ●●●●●● high capex in the US in 2013, but also in G●●●●●● in 2014-2016, and is ●●●●●●d to ●●●●●●um ●●●●●●ns ●●●●●● Europe in 2013-2014. D●●●●●●d cuts can only ●●●●●●lly ●●●●●● high ●●●●●●ments and EBITDA ●●●●●●res. |