Moody’s gives WideOpenWest loan B1

Moody's Investors Service said it assigned a B1 rating to WideOpenWest Finance, LLC's proposed $2.15 billion term loan B.

Proceeds will be used to refinance the company's existing $2.06 billion term loan B, as well as pay down $90 million of the company's existing 10¼% unsecured notes due 2019.

WideOpenWest’s B2 corporate family rating, B2-PD probability of default rating and Caa1 senior unsecured rating are unchanged.

The outlook remains stable.

Moody’s said the company’s strong base of network assets, scale and profitability support its B2 corporate family rating. As a result of management's focus on cost reduction, margins have expanded to be in line with the industry average leading to an improvement in both leverage and free cash flow, the agency added.

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