Phones 4U is under further pressure because it is facing a termination of its store-in-store agreement with Dixons in May 2015 after Dixons merged with Carphone Warehouse last month to create Dixons Carphone. The review by Moody's will assess the likelihood of Phones 4U being able to replace the revenue and cash flow streams from the Dixons and Vodafone contracts and its ability to defend its business model as competitors change tactics. Phones 4U's contract with Vodafone comprised 20% of its revenues and gross profits, while the end of the partnership with Dixons puts 8% of its EBITDA at risk. Following news its partnership with Vodafone would come to an end, Phones 4U chief executive David Kassler said: "Phones 4U continues to trade well in the market.