| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Mediacom Communications Corp. > News item |
S&P upgrades Mediacom
Standard & Poor’s said it raised the corporate credit rating on Mediacom Communications Corp. to BB from BB-.
The outlook is stable.
S&P also said it raised the rating on Mediacom’s secured debt to BB+ from BB. The recovery rating on the company’s secured debt is unchanged at 2, indicating 70% to 90% expected default recovery.
The agency also said it raised the rating on the company’s unsecured debt to B+ from B. The recovery rating on the unsecured debt is unchanged at 6, indicating 0 to 10% expected default recovery.
The upgrades reflect an expectation that adjusted leverage will improve to about 4x for 2016, down from 4.5x in 2015, S&P said.
Over the last four years, Mediacom’s primary uses of cash flow have gone toward debt repayment and capital investment with no substantial acquisitions or dividend payouts made, the agency said.
This is expected to continue over the next one- to two-years, S&P said, with leverage potentially declining to less than 4x in 2017.
© 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.