U.S. cable operator Cable One Inc. is facing a more-competitive operating environment, which we expect will reduce its EBITDA by about 3% in 2024. Therefore, we revised our downgrade threshold for the current rating to 4.25x from 4.75x. We affirmed all of our ratings on Cable One, including our 'BB' issuer credit rating, because we expect its leverage will remain between 3.5x and 4.0x through 2024. The stable outlook reflects the company's ability to pay down its debt using its solid cash flow, which leads us to believe its leverage could decline by 0.2x-0.3x annually. However, the outlook also incorporates our expectation that it will increase its leverage to purchase Mega Broadband Investments Intermediate I LLC (dba Vyve Broadband) in
