On Jan. 13, 2004, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to Atlantic Broadband Finance LLC and Atlantic Broadband Finance Inc. The outlook is negative. At the same time, a 'CCC+' rating was assigned to the companies' proposed $150 million senior subordinated notes due 2014, which will be issued under Rule 144A, with registration rights. In addition, a 'B' bank loan rating and a recovery rating of '3' were assigned to Atlantic Broadband Finance LLC's proposed $395 million senior secured credit facilities. The 'B' rating is at the same level as the corporate credit rating; this and the recovery rating of '3' indicate a likelihood of meaningful (50%-80%) recovery of principal in the event of default
