S&P affirms Liberty Cablevision

S&P said it affirmed its B corporate credit rating and all other ratings on Liberty Cablevision of Puerto Rico LLC.

The agency also removed all ratings from CreditWatch, where they were placed with negative implications on Sept. 27, 2017.

The outlook is negative.

Covenant relief and up to $60 million in committed equity from shareholders, including parent Liberty Latin America, have alleviated near-term concerns about Liberty Cablevision of Puerto Rico’s deteriorating operating performance and liquidity.

“The affirmation recognizes parent, shareholder and lender support as the company faces deteriorating operating performance and uncertainty surrounding future earnings in the aftermath of Hurricane Maria and to a lesser extent, Hurricane Irma, both of which hit Puerto Rico in September 2017,” S&P said in a news release.

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