S&P cuts San Juan Cable

Standard & Poor's said it lowered its ratings on San Juan Cable LLC.

The agency said that the corporate credit rating was lowered to B from B+, while the ratings on the first-lien bank facilities were lowered to BB- from BB and the second-lien bank loan rating was cut to CCC+ from B-.

The outlook is negative.

At the same time, S&P said it assigned a B corporate credit rating to MCNA Cable Holdings LLC, parent company of San Juan Cable. The outlook is negative.

The agency said that the downgrade reflects San Juan Cable's weakened business profile. Basic subscriber losses in the past two quarters were about 2.4% and 3.3%, respectively, on an annual basis and it is concerned losses will continue through the remainder of 2007.

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