U.S.-based cable provider Radiate Holdco LLC will have limited liquidity cushion over the next 12 months as it faces a significant maturity on Sept. 25, 2025. We lowered all of our ratings on the company one notch, including our issuer credit rating to 'CCC' from 'CCC+', to reflect the increased likelihood of a distressed exchange or default over the next year. The negative outlook reflects Radiate's narrowing liquidity and high debt, which could lead to a default over the next 12 months. We expect that Radiate will have only about $120 million-$140 million of total liquidity, which includes cash and revolver availability, by the end of 2024 based on free operating cash flow (FOCF) deficits of about $100 million and
