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S&P said the announcement comes in the wake of weaker European organic revenue development, particularly in Spain.
S&P added that while Vodafone's revenue guidance for financial 2009 is at the lower end of expectations, at 39.8 billion pounds, profitability and cash flow guidance remains unchanged.
Vodafone has chosen to reduce its rating headroom to accommodate the new share buyback, which moves the adjusted debt-to-EBITDA ratio for the year ended March 31, 2008, pro forma for the buyback, to 2.3 times from 2.2 times, the rating agency noted.
Nevertheless, S&P expects the group to contain any peak in leverage at below 2.5 times adjusted debt-to-EBITDA, assuming rapid de-leveraging thereafter toward the current level of 2.2 times. TFN.newsdesk@thomson.com arc/ypv
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