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S&P: Time Warner Telecom cut to negative, notes rated CCC+
Standard & Poor's said it assigned its CCC+ rating to Time Warner Telecom Holdings Inc.'s planned $200 million of notes to be issued as an add-on to its 9¼% senior notes due 2014.
Time Warner Telecom Holdings is an intermediate holding company for Time Warner Telecom Inc.
The outlook on Time Warner Telecom and Time Warner Telecom Holdings has been revised to negative from stable. All existing ratings, including the B corporate credit rating, were affirmed.
S&P affirmed Time Warner Telecom's CCC+ senior unsecured debt rating and Time Warner Telecom Holdings' B rated senior secured second-lien floating-rate notes due 2011 and CCC+ rated senior unsecured fixed-rate notes due 2014.
Net proceeds of the offering will be used to fund the company's capital expenditures.
S&P said the outlook change reflects the continuing challenging business environment that has hampered Time Warner Telecom's ability to achieve meaningful revenue growth in 2004. This lack of growth creates uncertainty about prospects for business expansion in 2005 and beyond.
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