S&P: Hawaiian Telecom loan B-

Standard & Poor's said it assigned its B- corporate credit rating Hawaiian Telcom Holdco Inc.

S&P said it also assigned its B- issue-level rating to subsidiary Hawaiian Telcom Communications Inc.'s $300 million senior secured term loan due Oct. 28, 2015, with a 3 recovery rating, indicating the agency's expectation for meaningful recovery of principal in the event of a payment default.

"Our view of a vulnerable business risk profile for Hawaiian Telcom incorporates both the secular industry challenges that the company's residential wireline business faces as well as the presence of a particularly strong incumbent cable TV competitor, Oceanic Time Warner Cable," said S&P credit analyst Richard Siderman in a news release.

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