S&P assigns Mediacom loan BB-

Standard & Poor's said it assigned its BB- issue-level rating and 2 recovery rating to Mediacom Broadband Group's proposed $300 million incremental term loan E due 2016.

At the same time, the agency said it affirmed all ratings on Mediacom Communications Corp.

The outlook is stable.

The agency noted that the incremental term loan is being issued under the company's existing credit facility while the proceeds are to be used to pay down the outstanding balance under the existing revolving credit facility and for general corporate purposes.

"The ratings on Mediacom reflect a highly leveraged financial profile and weak operational results, with basic video subscriber losses and below-industry-average high-speed data and telephony penetration," said S&P credit analyst Naveen Sarma.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.