Moody's on March 1 upgraded Cogent Communications Group Inc.'s corporate family rating to B2 from B3 and the company's probability of default rating to B2-PD from B3-PD.
The outlook is stable.
The rating agency expects that "continued strong internet traffic growth will sustain Cogent's consistent operating performance, enabling the company to maintain leverage (Moody's adjusted) below 5x."
Cogent's senior secured notes were upgraded to Ba3 from B1 and its senior unsecured notes were upgraded to B3 from Caa1. Moody's also affirmed the company's speculative-grade liquidity rating of SGL-1.
