S&P ups Mediacom from junk

S&P said it raised all of its ratings on Mediacom Communications Corp. to BBB, which represents a two-notch upgrade to the issuer credit rating from BB+.

The outlook is stable.

Mediacom has continued to increase its earnings and reduce its debt such that its debt-to-EBITDA metric fell to 2.4x as of the 12 months ended June 30, 2020, “which is well below our 3.0x upgrade trigger,” S&P said in a news release.

“Importantly, the company's controlling shareholder has publicly committed to maintaining debt to EBITDA of less than 3x, which provides us with greater clarity into Mediacom's financial policy and potential for re-leveraging.”

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