U.S.-based wireless and cable provider GCI LLC's earnings growth outperformed S&P Global Ratings' previous forecast primarily due to strong growth in broadband revenue driven by subscriber gains. We are raising all ratings on GCI one notch, including the issuer credit rating to 'B+' from 'B'. The stable outlook reflects downside cushion in the rating provided by an ability to continue to reduce leverage through solid free operating cash flow (FOCF) generation, offset by the company operating with leverage between 3x-4x that limits ratings upside. Our base-case forecast assumes adjusted debt to EBITDA will remain in the 3.0x area in 2022 on flat to low-single-digit-percent EBITDA declines driven by a modest reduction in revenue following outsized growth in 2021, partially offset
