EFTA Document EFTA01385363

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite management commentary. We estimate that the company will be able to generate meaningful free cash flow, which we anticipate will be used first to reduce leverage, to reinvest in the business and perhaps make further acquisitions. We are maintaining our Buy recommendation on ERI 6.00/0 Senior Notes due 2025 ($105.0, 4.90/0 YTVV, 275bps STVV) based on relative value. We believe that the risk-reward profile of ERI 6.0