U.S.-based cable provider Radiate Holdco LLC's operating metrics were weaker than our expectations in first-quarter 2022, as it lost about 5,000 broadband revenue generating units (RGUs) and broadband penetration declined to 28% (30.3% excluding WideOpenWest) from 30.9% a year ago. Moreover, we believe there is uncertainty around Radiate's ability to grow broadband subscribers effectively in markets where its competitor can offer a discounted wireless option. As a result, we revised our outlook on Radiate to negative from stable and affirmed all the ratings, including the 'B' issuer credit rating. The negative outlook reflects that we could tighten our ratings triggers if broadband subscriber growth does not materialize or capital spending remains elevated such that the company continues to generate negative
