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Moody's affirms Atlantic Broadband
Moody's Investors Service said it affirmed Atlantic Broadband Finance LLC's senior secured bank credit facility and senior subordinated notes ratings at B2 and Caa1, respectively. The senior implied rating remains B2 and the outlook remains stable.
Notably, Moody's said the ratings do not explicitly incorporate the possibility of additional asset purchases, notwithstanding the belief that certain cable systems currently held by Adelphia Communications would be of interest to the company.
Leverage remains fairly high but in line with Moody's expectations at approximately 7.1x debt-to-annualized third quarter EBITDA, or 8.6x including preferred stock, while cash interest coverage is just over 2x.
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