NEW YORK (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings today assigned its 'BB+' issue-level rating and '1' recovery rating to Minneapolis-based incumbent cable provider Midcontinent Communications' proposed $250 million senior secured revolving credit facility due 2021 and $285 million senior secured term loan due 2023. The '1' recovery rating indicates our expectation for very high (90%-100%) recovery in the event of payment default. We expect the company will use proceeds from the term loan to refinance its existing credit facility. The 'BB-' corporate credit rating is not affected by the transaction despite the modest reduction in leverage from the pay down of the term loan A. As part of the refinancing, Midcontinent will also increase the size of its
