S&P assigns BB to Mediacom term loan, trims other ratings

Standard & Poor’s said it assigned its BB issue-level rating and 2 recovery rating to Mediacom LLC Group’s proposed $350 million term loan G due 2021. The 2 recovery rating indicates an expectation of substantial (70% to 90%) recovery for lenders in the event of a payment default.

At the same time, S&P lowered the issue-level ratings on Mediacom LLC Group’s existing secured debt to BB from BB+ and revised the recovery ratings on this debt to 2 from 1.

The revision of the recovery ratings reflects the higher amount of secured debt at Mediacom LLC Group following the proposed transaction, which reduces the expected recovery for secured lenders under S&P’s hypothetical default scenario.

© 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.