S&P rates Liberty Cablevision of Puerto Rico secured debt B+

S&P said it assigned a preliminary B+ rating with a 3 recovery rating to Liberty Cablevision of Puerto Rico LLC’s $2.2 billion of proposed secured debt

Liberty entered into an agreement to acquire AT&T’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands for $1.95 billion.

Proceeds will be used to fund the acquisition and repay debt.

“We are placing our B issuer credit rating on LCPR on CreditWatch with positive implications because we believe the equity contribution from its parent, the increased scale, and the cross-selling opportunities provided by the transaction – along with the positive momentum in LCPR's cable business – will more than offset the integration risk and challenges arising from its entrance into the more-competitive wireless business,” said S&P in a press release.

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