Moody's ups Madison River

Moody's Investors Service said it upgraded the senior implied rating for Madison River Capital LLC to B2 from B3 and the rating for Madison River's $200 million 13¼% senior unsecured notes to Caa1 from Caa2. Moody's also upgraded Madison River's senior unsecured issuer rating to Caa1 from Caa2.

The outlook is stable.

Moody's said the rating upgrades acknowledge Madison River's improving financial performance and operating cash flow generation, which Moody's said has exceeded previous expectations.

Leverage metrics have improved substantially with net debt-to-EBITDA below 6.0x.

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