S&P upgrades NewWave on acquisition

S&P said it raised the corporate credit rating on Telecommunications Management LLC, which does business as NewWave Communications, to BB from B and removed it from CreditWatch, where it was placed with positive implications in January.

The outlook is stable.

The upgrade follows news that Cable One Inc. has successfully closed its acquisition of NewWave and redeemed all of the company's debt, S&P explained.

The agency said it also withdrew all of the ratings on the company, including the BB corporate credit rating.

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