S&P puts WideOpenWest on watch

S&P said it placed its ratings for WideOpenWest Finance LLC (WOW), including its BB- issuer rating, on CreditWatch with negative implications.

“WOW lost broadband subscribers during the quarter and pulled its full-year 2023 guidance. During the third quarter of 2023, the company reported weak financial and operating results due to the loss of 4,400 high-margin, high-speed data (HSD) subscribers, significantly greater than our expectations.

“Further, WOW expects additional customers losses in the fourth quarter. As such, we expect HSD subscriber losses of at least 12,000 for full-year 2023 compared with our previous expectations for 8,000 net adds. Further, it pulled all guidance, including total revenue, HSD revenue, and adjusted EBITDA,” S&P said in a press release.

The agency warned the negative watch mirrors the possibility of at least a multi-notch downgrade.

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