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Moody's may cut Mediacom
Moody's Investors Service said it placed the ratings for Mediacom LLC and its subsidiaries who borrow under two separate bank credit facilities under review for possible downgrade and affirmed all other ratings for the company and the securities of ultimate parent Mediacom Communications Corp. and its other subsidiaries.
Moody's placed on review Mediacom LLC's B2 rated $200 million 8½% senior unsecured notes due 2008, $125 million 7 7/8% senior unsecured notes due 2011, $500 million 9½% senior unsecured notes due 2013, Mediacom Southeast LLC's Ba3 rated $450 million senior secured revolver due 2008, $100 million senior secured term loan due 2008, Mediacom Minnesota LLC's Ba3 rated $450 million senior secured revolver and $100 million senior secured term loan.
Moody's affirmed Mediacom Communications' B1 senior implied rating, Caa1 issuer rating, SGL-2 liquidity rating and $172.5 million 5.25% senior unsecured convertible notes due 2006, Mediacom Broadband's B2 rated $400 million 11% senior unsecured notes due 2013, Mediacom Iowa's Ba3 rated $600 million senior secured revolver due 2010, $300 million senior secured term loan due 2010 and $500 million senior secured term loan due 2010.
Moody's said the review follows the company's announcement that it plans to refinance the existing bank credit facilities available to the Mediacom LLC subsidiaries and will focus on the anticipated change in capital mix, which could result in higher expected loss severity in a downside scenario, particularly considering the already weak position of these instruments in the Ba3 and B2 rating categories and Moody's growing fundamental concerns about the company's business prospects over the long term.
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