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Fitch downgrades Mediacom
Fitch Ratings said it has downgraded the debt and recovery ratings of Mediacom Communications Corp. and its wholly owned subsidiaries, Mediacom LLC and Mediacom Broadband LLC.
For Mediacom Communications, Fitch downgraded the issuer default rating to B from B+ and downgraded the senior convertible notes to CCC from CCC+.
For Mediacom LLC, Fitch downgraded the issuer default rating to B from B+, the senior unsecured debt CCC+ from B- and the senior secured debt BB from BB+.
For Mediacom Broadband LLC, Fitch downgraded the issuer default rating to B from B+, the senior unsecured debt to B- from B and the senior secured debt to BB from BB+.
The outlook is stable.
Fitch said this action reflects Mediacom Communications' high leverage and the lack of debt reduction and improvement of its credit protection metrics in a meaningful manner. In Fitch's opinion, the company's operating profile continues to lag behind its industry peer group, consisting primarily of Insight Communications Co. and Cablevision Systems Corp.
On balance, Fitch said the ratings also incorporate the company's strong liquidity position and upgraded cable plant, as well as the strong geographical clustering of the company's subscribers.
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