U.S.-based internet and cable TV provider Mega Broadband Investments Intermediate I LLC (dba Vyve Broadband) continues to grow earnings such that leverage is approaching our upgrade trigger of 5x. Therefore, we revised the outlook to positive from stable and affirmed all our ratings on Vyve, including the 'B+' issuer credit rating. The positive outlook reflects our expectation that leverage will be comfortably below 5x and FOCF to debt will approach 5% within 12-months on earnings growth and debt repayment. However, the low density of rural markets means that not all homes will be reachable by mid-band spectrum, which could insulate Vyve to some degree, given the rural nature of its footprint. The positive outlook reflects our expectation that leverage will
