S&P ups Mediacom outlook to stable

Standard & Poor's said it revised its outlook on Mediacom Communications Corp. to stable from negative.

At the same time, the agency said it affirmed its ratings on the company, including the B+ corporate credit rating.

"The outlook revision reflects the announcement that Mediacom's Chairman, CEO, and founder Rocco Commisso has withdrawn his offer to purchase all of the shares of the company not currently owned by him," explained credit analyst Naveen Sarma.

According to S&P, this take-private offer was initiated on May 31 and it is estimated that it would have resulted in debt to EBITDA increasing to about 6.8x from 6.3x as of June 30.

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