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Moody's lifts Mediacom ratings on improved performance, lower leverage

Moody's on Oct. 18 upgraded its corporate family rating and probability of default rating on Mediacom Communications Corp. to Ba2 from Ba3 and Ba2-PD from Ba3-PD, respectively, on improved performance and lower leverage.

Also, the rating agency assigned a Ba2-LGD3 rating to the new senior secured term loans and $375 million revolving credit facility at Mediacom Communications Corp. (MCC) Iowa LLC. The Ba2-LGD3 ratings on the instruments to be refinanced, the senior secured credit facilities at Mediacom Broadband LLC, were affirmed and will be withdrawn upon close of the refinancing.

Moody's upgraded Mediacom Broadband's senior unsecured notes to B1-LGD6 from B2-LGD5.

Additionally, the rating agency assigned a Ba2-LGD3 rating to the term loan A of Mediacom Illinois LLC, while affirming the Ba2-LGD3 ratings on the senior secured term loan K and revolving credit facility, and withdrawing all ratings and the outlook at Mediacom LLC.

The outlook remains positive, the agency said. The SGL-2 at Mediacom Communications was withdrawn, with Mediacom LLC no longer required to file publicly.