New York, August 9 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service assigned a Ba3 rating to the $200 million proposed first lien of Mediacom Broadband, which is a wholly owned operating subsidiary of Mediacom Communications Corporation.
In a research note published yesterday, the analysts mention that Mediacom’s leverage were marginally below 6 times debt to EBITDA leverage, combined with weaker than competitors operating trends, constrain its B1 corporate family rating.
The company continues to underperform most of its competitors in terms of subscriber additions. However, apart from intense competition for all products and the maturity of the core video product, whereas Moody’s believes the commercial and high speed data business present good growth prospects for Mediacom and the company has improved its subscriber trends on a sequential basis relative to its own historic performance in the previous several quarters.
The stable outlook indicates that Mediacom would utilize the bulk of its free cash flow to repay debt in the coming 12 to 18 months, which will refrain from additional leveraging activities during this time period and that subscriber trends would improve.
The outlook also includes expectations for modest revenue and EBITDA growth, which was combined with the debt repayment and should allow the company to sustain leverage for less than 6 times and maintenance of good liquidity, the analysts say.
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