Fitch affirms Cincinnati Bell

Fitch Ratings said it affirmed Cincinnati Bell Inc.'s B+ issuer default rating, BB+ senior secured credit facility with a recovery rating of RR1, BB+ $50 million senior secured notes with a recovery rating of RR1, BB- $746 million senior notes with a recovery rating of RR3, B $633 million senior subordinated notes with a recovery rating of RR5, B- $129 million convertible preferred stock with a recovery rating of RR6 and Cincinnati Bell Telephone's $230 million senior unsecured notes with a recovery rating of RR1.

The outlook is stable.

The agency said the ratings reflect the relative stability and lower level of business risk associated with the company's integrated position in the local exchange and wireless businesses and the company's ability to generate strong levels of free cash flow as measured by free cash flow margin.

These factors are balanced against the company's highly levered balance sheet relative to its peer group, Fitch said.

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