latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/s-p-downgrades-cincinnati-bell-amid-economic-uncertainty-57983910 content esgSubNav
In This List

S&P downgrades Cincinnati Bell amid economic uncertainty


Insight Weekly: Loan-to-deposit ratio rises; inventory turnovers ebb; miners add female leaders

Case Study

Central European Broadcaster Monetizes Content with a New Online Streaming Service


Debt Ceiling Debate: IR Teams Should Prepare for Potential Market Downturns


Insight Weekly: Sustainable bonds face hurdles; bad loans among landlords; AI investments up

S&P downgrades Cincinnati Bell amid economic uncertainty

S&P Global Ratings lowered its issuer credit rating on Cincinnati Bell Inc. to B- from B and removed all ratings from CreditWatch, where they were placed with negative implications on Dec. 26, 2019.

The rating agency expects that the economic impact of the COVID-19 pandemic will make it difficult for the company to maintain adjusted leverage below its downgrade threshold of 5.5x in 2020.

S&P also downgraded the issue-level ratings on Cincinnati Bell's senior secured debt to B+ from BB- and senior unsecured debt to CCC+ from B-.

Concurrently, the issue-level rating on the company's convertible preferred stock was lowered to CCC- from CCC.

The outlook on Cincinnati Bell is stable, reflecting the rating agency's expectation that adjusted leverage will be in the mid-5x area over the next year.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.