Radiate Holdco LLC's $300 Million Senior Unsecured Notes Assigned 'CCC+' Issue Rating (Recovery Rating: 6)

NEW YORK (S&P Global Ratings) Jan. 11, 2018--S&P Global Ratings today assigned its 'CCC+' issue-level rating and '6' recovery rating to Radiate Holdco LLC's proposed $300 million unsecured notes. The '6' recovery rating indicates our expectation of minimal (0%-10%; rounded estimate: 0%) recovery in a simulated default scenario. Proceeds will be used to fund the previously announced acquisition of WaveDivision Holdings, which is expected to close in the coming weeks. This does not affect our 'B' corporate credit rating, as this financing was incorporated into our recent affirmation of the rating. For a complete analysis, please see our research update Radiate Holdco LLC 'B' Ratings Affirmed On Its Acquisition Of WaveDivision Holdings, published Oct. 30, 2017. RECOVERY ANALYSIS Key analytical

...to overbuilder WideOpenWest given Radiate's higher penetration levels but lower than the 6x-7x multiple typically assumed for pure incumbent cable operators given Radiate still generates a significant portion of its revenue from competitive overbuilt markets. + Other default assumptions include an 85% draw on the revolver, LIBOR rises to 2.5%, and all debt includes six months of prepetition interest. Simulated default assumptions Simulated year of default: 2021 EBITDA at emergence: 335 million EBITDA multiple: 5.5x Simplified waterfall Net enterprise value (after 5% admin. costs): $1.75 billion Valuation split in % (obligors/nonobligors): 100/0 Collateral value available to secured creditors: $1.75 billion Secured first-lien debt: $3.1 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) Senior unsecured debt and pari passu claims: $2.1 billion Recovery expectations: 0%-10% (rounded estimate: 0%) RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term...

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