NEW YORK (S&P Global Ratings) Oct. 2, 2020--S&P Global Ratings said today that Phoenix-based internet and cable TV provider Cable One Inc. should keep pro forma net adjusted leverage below our downgrade trigger with the announcement it agreed to purchase a 45% minority stake in Mega Broadband Investments Holdings LLC (MBI) from private equity sponsor GTCR LLC for approximately $574 million cash. We expect Cable One to finance the transaction with cash on hand, much of which was raised through a $425 million issuance of common stock in May 2020. Our 'BB' issuer credit rating and stable outlook are not affected. We estimate pro forma net adjusted leverage, which proportionately consolidates MBI, should increase to 2.4x-2.8x from 1.8x as of
