NEW YORK (S&P Global Ratings) April 28, 2022--S&P Global Ratings today said that its 'B' issue-level and '2' recovery ratings on MetroNet Systems Holdings LLC's (B-/Stable/--) first-lien debt are unchanged following the company's proposed $65 million first-lien term loan add-on (total of $929 million). Fiber broadband operator MetroNet Holdings LLC, the Evansville, Ind.-based parent company, plans to use the proceeds from this add-on toward the partial repayment of borrowings under its $175 million revolving credit facility due 2026. We raised our default valuation of MetroNet to about $885 million from $830 million, primarily because of incremental EBITDA associated with the transfer of assets to Mature Group HoldCo (MatureCo) from Development Group Holdco (DevCo) over the past three months, as well
