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S&P rates Mediacom Broadband loan BB-
Standard & Poor's said it assigned its BB- bank loan rating to the proposed $750 million senior secured term loan C due 2015 of Mediacom Broadband LLC with a 3 recovery rating.
S&P said the recovery rating on Mediacom Broadband's existing $650 million revolving loan and $300 million term loan A was lowered to 3 from 2, based on the $250 million increase in the overall facility and the lack of any corresponding increase in collateral value.
A BB- bank loan rating and 3 recovery rating were assigned to the proposed $650 million senior secured term loan B due 2015 of Mediacom LLC, S&P added.
All other ratings on Mediacom and its subsidiaries, including the BB- corporate credit rating, were affirmed. The outlook is negative.
The ratings on Mediacom reflect mature revenue growth prospects for video services, competitive pressure on basic subscriber levels from direct-to-home satellite TV providers and a highly leveraged financial profile from largely debt-financed cable system acquisitions and rebuilding projects, S&P said.
Partly tempering these factors are the company's position as the still-dominant provider of pay TV services in its markets and solid revenue growth from high-speed data customer additions, the agency added.
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