In our view Avanti’s recent positive news significantly outweighs the neutral in terms of equity value. Avanti has announced a new contract for the provision of services to İşNet in Turkey. Meanwhile, S&P placed the bond issue on CreditWatch Negative, which has no meaningful impact on the financials, nor would it if S&P joins Moody’s on a lower rating. As Avanti builds its sales and cash flows, the rating announcement should prove irrelevant. We maintain our view that the potential equity value is 427p, with upside as risk is retired.