S&P gives WideOpenWest B, loans B, CCC+

Standard & Poor's said it assigned its B long-term corporate credit rating to WideOpenWest Finance LLC.

The outlook is stable.

In addition, the agency said it assigned ratings to WideOpenWest's $840 million aggregate facilities, adding that a B bank loan rating was assigned to the company's $60 million senior secured first-lien revolver and $630 million senior secured first-lien term loan, and a CCC+ bank loan rating was assigned to the company's $150 million second-lien term loan.

Currently, there is $510 million of the first-lien term loan drawn and another $120 million will be used to fund the acquisition of Sigecom LLC, the agency said, adding that the recovery rating for the first-lien revolver and term loan is 3 and the recovery rating for the second-lien term loan is 5.

S&P noted that the ratings on WideOpenWest reflect a high degree of risk due to the company's vulnerable market position as a cable overbuilder and significant competition from financially stronger incumbent cable operators and regional Bell operating companies.

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