U.S. cable operator Midcontinent Communications (Midco) is facing a more competitive operating environment, which we expect will result in modestly lower market share. Therefore, we revised our downgrade threshold for the current rating to 4.5x from 5x. We affirmed all our ratings on Midco, including our 'BB' issuer credit rating, because we expect its leverage will remain in the low-4x area through 2025. The stable outlook on Midco reflects our view that Midco is a well-managed operator underpinning our expectation that it will continue to increase its broadband revenue on modest average revenue per user (ARPU) growth combined with subscriber growth from network expansion. We project Midco's broadband penetration will decline to about 48% in 2025 from a peak of
