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S&P rates Cincinnati Bell notes, add-on B-
Standard & Poor's said it assigned its B- rating to Cincinnati Bell Inc.'s proposed $250 million of senior notes due 2015 and $100 million add-on to its 8 3/8% senior subordinated notes due 2014.
At the same time, existing ratings for Cincinnati Bell (B+/negative/--) and its local telephone subsidiary, Cincinnati Bell Telephone Co., were affirmed. The outlook is negative.
Overall leverage is not materially changed by this transaction, as proceeds from the notes will be used, in conjunction with borrowings under a new $250 million secured bank facility, to repay about $439 million of bank debt under an existing facility, as well as to pay the consent for the 7.25% note amendments.
S&P said the ratings reflect Cincinnati Bell's aggressive leverage, coupled with prospects for increasing competition faced by both its incumbent local exchange carrier and its majority-owned wireless subsidiary.
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