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S&P cuts Midcontinent revolver to BB
S&P said it cut the rating on Midcontinent Communications’ $300 million revolver to BB from BB+ following a refinancing. The agency removed the rating from CreditWatch with negative implications.
“The lower rating reflects reduced recovery prospects in a simulated default because there are now more secured claims, as a new $685 million term loan replaced the old $385 million term loan,” said S&P in a press release.
The agency also lowered the recovery rating to 2 from 1, indicating its estimate of a substantial (70%-90%; rounded estimate: 75%) recovery in a default scenario.
S&P said the company’s rating remains BB-, and the outlook is stable.
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