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Broadview Networks Holdings Inc.
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Corporate efficiency improvements in the past few years have helped improve the company's overall gross profit and EBITDA margins; and No financial covenants under current capital structure. Competition from the much larger, financial stronger incumbent local exchange carriers; Expectations for continued revenue and EBITDA declines associated in large part with the circuit switched voice business; and Overhang of upcoming debt maturities in 2012. The ratings on Broadview Networks Holdings Inc. reflect these competitive challenges as well as its high leveraged financial profile. Standard & Poor's Ratings Services now considers Broadview's business profile vulnerable, compared to an earlier assessment of weak, incorporating the competitive threats from much larger, financially stronger incumbent telephone companies, especially Verizon Communications Inc. Although Broadview has provided...
Companies mentioned in this report are: Broadview Networks Holdings Inc.
Action: Review
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