S&P gives B- to Cequel notes

Standard & Poor's said it assigned a B- issue-level rating and 6 recovery rating to Cequel Communications Holdings I LLC's proposed $750 million senior unsecured notes. The 6 recovery rating indicates an expectation of negligible (0% to 10%) recovery prospects in the event of a payment default.

The company will use proceeds to redeem the remaining $713 million principal amount of outstanding 8 5/8% senior notes due 2017. Leverage, pro forma for the refinancing, does not change from the 6.1x for the 12 months ended March 31.

S&P's B+ corporate credit rating and stable outlook on Cequel remain unchanged.

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