S&P affirms Mediacom

Standard & Poor's said it affirmed all of the ratings, including the B+ corporate credit rating, on Mediacom Communications Corp.

The ratings also were removed from CreditWatch, where they were placed with negative implications in November 2010, following news that the company had reached a definitive agreement under which its chairman would acquire the remaining stock in the company not owned by him for $8.75 per share in cash, or about $360 million.

The take-private transaction was approved by shareholders and closed on March 4. The company used borrowings under its two revolving credit facilities and cash on hand to finance the transaction, S&P said.

The outlook is stable.

Despite the modest increase in leverage, the take-private transaction will result in adjusted leverage below 7x, the agency said.

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