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S&P revises Liberty Cablevision of Puerto Rico outlook on 'improved performance'

S&P Global Ratings on Dec. 11 affirmed Liberty Cablevision of Puerto Rico LLC's issuer credit rating at B and revised the ratings outlook to stable from negative, citing the company's improved liquidity position and better visibility into future earnings and cash generation.

The stable outlook reflects the rating agency's expectation that the company will continue to deliver to the mid- to high-5x area in 2019 from 7.6x fiscal year-end 2017 due to the full impact of customers coming online and modest EBITDA growth.

The affirmation of the cable television operator's issuer credit rating recognizes the company's strong recovery following the devastation of Hurricane Maria and Hurricane Irma, both of which hit Puerto Rico in September 2017.

In October, Liberty Latin America Ltd. acquired the remaining 40% stake in Liberty Cablevision of Puerto Rico from funds affiliated with Searchlight Capital Partners LP in exchange for 9.5 million Liberty Latin America class C shares.

Liberty Cablevision of Puerto Rico provides video, broadband internet, and fixed-line telephony services to residential and business customers in Puerto Rico.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.