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Moody's upgrades Suddenlink over 'improved credit metrics'

Moody's on March 31 upgraded its corporate family rating on Cequel Communications Holdings I LLC d/b/a Suddenlink Communications to B2 from B3 over the company's "improved credit metrics."

The rating agency upgraded Suddenlink's probability of default rating to B2-PD from B3-PD.

The company improved its credit metrics via planned cost reductions and organic growth. The rating reflects Suddenlink's "stable market position with a strong base of network assets and limited competition within its footprint other than telco DSL," as per Moody's. Further, the company has improved its free cash flow, improving its leverage to 6.1x from almost 8x at the end of 2015, following cost saving initiatives which were implemented by Altice NV's management after it acquired a stake in the company.

The outlook on the company remains positive.