S&P lifts Hawaiian Telcom

Standard & Poor's said it raised its corporate credit rating on Hawaiian Telcom Holdco Inc. to B from B-. The outlook is stable.

At the same time, the agency said it raised the issue-level rating on Hawaiian Telcom Communications Inc.'s approximately $300 million of outstanding senior secured debt to B from B-. The recovery rating on the secured debt remains at 3, indicating an expectation for meaningful recovery in the event of a payment default.

S&P said the upgrade incorporates its expectation that Hawaiian Telcom Holdco Inc. will continue to offset much of the impact of continued substantial erosion in its residential access line business with increases in business segment services and a buildup in video revenues as it more widely deploys that nascent service.

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