Moody's drops Paniolo notes

Moody's Investors Service said it has downgraded the A3 and Baa2 ratings of Paniolo Cable Co., LLC's senior secured series A and second-lien series B notes to Baa3 and Ba2, respectively, and placed them under review for possible further downgrade.

The agency added that the downgrade follows the determination by the Federal Communications Commission's administrative agent, the National Exchange Carrier Association, to deny the request by Sandwich Isles Communications, Inc., the lessee of Paniolo's fiber optic network, for recovery of costs associated with the lease.

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