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S&P ups Atlantic Broadband, cuts loans
Standard & Poor's said it raised its corporate credit rating on Atlantic Broadband Finance LLC to BB- from B+ and removed that rating from CreditWatch, where it was placed with positive implications on July 20, 2012.
The outlook is stable.
At the same time, S&P lowered the issue-level rating on an aggregate $710 million of secured credit facilities of Acquisitions Cogeco Cable II LP and Atlantic Broadband (Penn) Holdings Inc. to BB from BB+ and removed that rating from CreditWatch, where it was placed with negative implications on Dec. 21. The recovery on those secured facilities remains at 2.
"The ratings on Atlantic Broadband Finance LLC incorporate a 'highly leveraged' financial risk profile which largely overshadows its 'satisfactory' business risk profile," S&P credit analyst Richard Siderman said in a news release.
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