S&P rates Atlantic Broadband loans BB-

Standard & Poor's said it affirmed the B+ corporate credit rating on Atlantic Broadband Finance LLC and BB- issue and 2 recovery ratings to its proposed amended and extended senior secured credit facility, specifically the new $325 million term loan B due June 2013 and the new $40 million revolving credit facility due March 2012.

The agency raised the Atlantic's existing term loan B due September 2011 and existing revolving credit facility due March 2010 to BB- from B+ and revised the recovery rating to 2 from 3.

The outlook is stable.

Proceeds from the new term loan will be used to pay down part of the existing term loan B which matures in September 2011.

"We are affirming the corporate credit rating because the transaction is a refinancing and does not immediately affect the company's leverage," S&P analyst Naveen Sarma noted in a statement.

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