Moody's gives Cebridge loan B1

Moody's Investors Service said it assigned a B2 corporate family rating to Cebridge III, LLC and a B1 rating to it proposed senior secured first-lien credit facility.

The proposed facility consists of a $2 billion senior secured first-lien-term loan and a $200 million senior secured first-lien revolving credit facility, expected to be undrawn at close, the agency said.

The ratings reflect high financial risk and execution challenges related to the integration of acquired systems and the rollout of telephony, as well as Cebridge's below average operating performance and delay in offering advanced services relative to most of its incumbent cable peers, Moody's noted.

Notwithstanding this delay, the combined entity's improved asset efficiency and-scale and potential for cash flow growth support the ratings, Moody's said, adding it also considers the sizeable personal equity contribution from management a credit strength.

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