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S&P trims WideOpenWest
S&P said it lowered its ratings for WideOpenWest Finance LLC (WOW) a notch, including the senior secured ratings to BB- from BB.
WOW recently reported deeper-than-expected subscriber high-speed data (HSD) customer declines due to heightened competitive pressures by fixed wireless and other cable operators that are bundling mobile with in-home broadband service at a discounted price, S&P said.
The agency said it forecasts leverage to increase to 3.9x in 2024 due to elevated capital expenditures and some margin pressure from the costs to acquire new customers in expansion markets. “Given the company's debt is all floating rate, higher interest costs will cause the company's EBITDA/interest coverage ratio to decline to 3.7x in 2023 and 3.5x in 2024 from 6x in 2022.”
The outlook is negative.
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