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Moody's assigns Mediacom loan Ba3
Moody's Investors Service said it assigned a Ba3 rating to Mediacom Broadband LLC's proposed new $300 million senior secured term loan E.
As part of the rating action, Moody's said it also affirmed the B1 corporate family and probability-of-default ratings for Mediacom Communications Corp. and the existing ratings at the Mediacom's wholly owned subsidiaries, Mediacom Broadband and Mediacom LLC.
The outlook remains stable.
Moody's said it believes the proposed transaction will not have a meaningful impact on the Mediacom's credit profile while the B1 corporate family rating continues to be somewhat weakly positioned, reflecting the company's high financial leverage and moderate coverage levels, negative free cash flow and mixed operating performance, all of which may be further strained by heightened competition in future periods.
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