S&P affirms One Communications

Standard & Poor's said it affirmed One Communications Corp.'s B corporate credit rating and removed its ratings from CreditWatch, where they had been placed with negative implications on Aug. 19, based on concerns that the company would violate its bank credit facility covenants or that the cushion would be very limited.

The outlook is stable.

The affirmation reflects the company's improved liquidity after it amended its covenants, which should provide sufficient cushion over the next year, S&P said.

As part of the amendment, the total leverage covenant rose to 3.75x from 2.75x.

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