Moody's affirms Madison River

Moody's Investors Service said it has affirmed Madison River Capital, LLC's B1 corporate family rating following the company's decision to increase the size of its senior secured credit facility by $50 million, with the proceeds slated to redeem in full its outstanding senior notes.

Moody's said the ratings reflect the company's relatively high leverage, nominal organic growth prospects and growing competition offset by strong and stable cash flow generation, stable EBITDA margins, and a favorable regulatory environment.

Moody's has also affirmed the B3 rating on the $50 million senior notes to be redeemed and said this rating will be withdrawn upon the successful redemption of the notes.

Moody's has affirmed at B1 Madison's senior secured revolving credit facility due 2012 and its senior secured term loan B due 2012. Moody's also affirmed the company's 13.25% senior unsecured notes due 2010.

The outlook is stable.

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