Moody's assigns Insight Midwest B1

Moody's Investors Service said it assigned a B1 corporate family rating for Insight Midwest Holdings, LLC and withdrew the former B1 CFR for its parent company Insight Communications Co., Inc.

The rating action reflects completion of the division of the former partnership between Insight and certain affiliates of Comcast Corp. in which both companies had previously held a 50% interest in Insight Midwest, LP, the intermediate holding company for the rated issuer Insight Midwest, the agency said.

Moody's noted that pro forma for the permanent repayment of publicly held bonds at Insight and Insight Midwest LP, and the consequent removal of the former junior capital debt cushion underlying the remaining bank debt obligations, the ratings for which have already been withdrawn and in conjunction with Moody's LGD Methodology for the now substantially "all-bank-debt" capital structure, the recovery expectation and probability of default assumption for the rated enterprise have each shifted to above-average outcomes, resulting in rating downgrades as highlighted below.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.