Rating agency S&P has maintained its BBB+ rating on TPSA’s debt but has lowered its outlook on the rating from neutral to negative. The downgrade reflects the agency’s opinion that competition on the mobile market could put pressure on the firm’s EBITDA and cash generation. Our view: In our view S&P’s fears have already become reality and the lower outlook for TPSA’s debt rating is simply the consequence of the recent guidance downgrade. We expect a neutral market reaction to the news today.