Press release
Renens, 11.07.2023

Salt: S&P Global Ratings upgrades Matterhorn Telecom
Holding’s credit rating to ‘BB-‘ – Fitch Ratings assigns a firsttime rating of ‘BB-‘
S&P Global Ratings has upgraded the long-term issuer credit and issue ratings on Matterhorn Telecom Holding
S.A. (Matterhorn Telecom), the parent company of Salt, a leading Swiss telecommunications provider, to 'BB' from 'B+'. At the same time, Fitch Ratings has assigned Matterhorn Telecom a first-time Long-Term Issue
Default Rating of ‘BB-‘ and a BB+ issue rating to its proposed secured notes. The outlook for those ratings isstable.
Franck Bernard, CFO of Salt, commented: “We are very pleased that our continued progress is being recognizedby these important stakeholders. After the successful transformation of the business, we have continuously
expanded our business and achieved strong customer growth in all areas. Throughout this process, we havealways been focusing on profitability and demonstrated financial discipline. These ratings underline that we havecreated an attractive and sustainable growth platform that is reliably generating strong cash flows.”
S&P Global Ratings commented the rating action: “We anticipate that Switzerland-based Matterhorn Telecom
Holding S.A. (Salt) will continue its strong momentum in 2023-2024.”, adding, “The upgrade is further supported
by solid track record of maintaining a consistent financial policy”. S&P Global Ratings also noted that “Salt'sbusiness has grown and its customer experience has improved”, and adds, “The sophisticated structure of its
wholesale [FTTH] agreements, and its strong focus on efficiency, have helped Salt deliver above-average marginsand stronger cash flows than peers.”
Fitch Ratings commented: “The ratings reflect Salt’s stable position in the Swiss mobile market which drives thevast majority of its cashflow. Salt has a relatively low mobile market share compared to other alternative,
challenger operators in Europe. However, strong execution and a lean cost structure, enables the business togenerate one of the highest EBITDA margins in the sector.” And added, “Salt has a strong opportunity to growrevenues and increase the diversity of its cashflow through expanding its fixed, fibre broadband business overthe next four to five years. The company has an attractive, multi-supplier agreement for fibre that that allows
near owner economics and success driven capex that improves investment risks and speeds up time to market.”*****This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall it
constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offer,solicitation or sale is unlawful.
Statements in this announcement which are not historical facts are forward-looking statements. All forwardlooking statements involve risks and uncertainties which could affect Matterhorn Telecom’s actual results andcould cause its actual results to differ materially from those expressed in any forward-looking statements madeby, or on behalf of, Matterhorn Telecom.

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About Salt
Salt stands for innovation offering attractive prices for premium products in the Swiss telecommunications
market. An excellent mobile network, the country’s best performing internet connection (nPerf, 2022),
attractive prices and customer-focused service ensure an outstanding experience for its business and residential
customers. The company’s services as well as its fixed and mobile networks are repeatedly awarded: best
broadband offer (connect, 2023) very good mobile network (connect, 2023), best performing internet
connection (nPerf, 2022), best broadband tariff (SIQT, 2022), best universal provider for SME and residential
customers (Bilanz, 2022), number one Bto-B mobile provider (SIQT, 2022).
Based in Renens (VD), Salt has two additional offices in Biel and Zurich. The company employs more than 1,000
employees and serves 1,516,400 postpaid mobile and more than 200’000 broadband customers across
Switzerland. Salt currently offers 99.9% population coverage.

Salt Press Office
Viola Lebel | PR & Communication Manager | +41 78 787 68 60 | media@salt.ch | Salt.ch