Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities - S&P Global Ratings’ Credit Research

Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities

Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities - S&P Global Ratings’ Credit Research
Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities
Published Aug 16, 2019
3 pages (1236 words) — Published Aug 16, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Aug. 16, 2019--S&P Global Ratings today lowered its issue-level ratings on Phoenix-based cable TV and internet provider Cable One Inc.'s $500 million term loan B due 2024, $325 million term loan B-3 due 2026, and $250 million term loan B-2 due 2026 to 'BB+' from 'BBB-' and removed it from CreditWatch, where we placed it with negative implications on April 19, 2019. In addition, we are revising our recovery rating on this debt to '2' from '1', reflecting the incremental secured debt that was executed in June 2019 to redeem the 5.75% senior unsecured notes due in 2022. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event

  
Brief Excerpt:

...August 16, 2019 NEW YORK (S&P Global Ratings) Aug. 16, 2019--S&P Global Ratings today lowered its issue-level ratings on Phoenix-based cable TV and internet provider Cable One Inc.'s $500 million term loan B due 2024, $325 million term loan B-3 due 2026, and $250 million term loan B-2 due 2026 to '##+' from '###-' and removed it from CreditWatch, where we placed it with negative implications on April 19, 2019. In addition, we are revising our recovery rating on this debt to '2' from '1', reflecting the incremental secured debt that was executed in June 2019 to redeem the 5.75% senior unsecured notes due in 2022. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. For the complete recovery analysis, see our research report published on April 19, 2019....

  
Report Type:

Ratings Action

Issuer
Cable One, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities" Aug 16, 2019. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Secured-Debt-Downgraded-Off-CreditWatch-On-Close-Of-New-Secured-Facilities-2284623>
  
APA:
S&P Global Ratings’ Credit Research. (). Cable One Inc.'s Secured Debt Downgraded, Off CreditWatch On Close Of New Secured Facilities Aug 16, 2019. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Secured-Debt-Downgraded-Off-CreditWatch-On-Close-Of-New-Secured-Facilities-2284623>
  
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