S&P Downgrades WOW, Citing Cash and Business Challenges
Noting WideOpenWest's limited cash on hand and declines in its high-margin broadband subscribers, S&P on Friday downgraded the cable operator's long-term credit trading from B to B- and its senior secured debt rating from B+ to B. It said management…
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must take some cost-cutting steps and reduce capital spending; however WOW's longer-term viability depends on expanding into new markets. Lacking liquidity could mean capital spending reductions and a decline in revenue, S&P said.