Top Investor Questions: U.S. Cable TV Industry Jan 10

Standard & Poors, January 2010

Abstract
Despite poor economic conditions, cable companies generally performed well in 2009. These results have translated into rating actions that were far more balanced than the trend among all corporate issuers. In 2009, we had eight positive rating actions including upgrades of DIRECTV (BBB-/Stable/--), Bresnan Communications LLC (B+/Positive/--), Knology Inc. (B/Positive/--), and Atlantic Broadband Finance LLC (B+/Stable/--) and only five negative rating actions (See table 1). We rate 17 cable and DTH satellite operators (See table 2). In comparison, the ratio of downgrades to upgrades was about 5:1 for all corporate issuers in 2009. This total included the four rating actions taken on Charter Communications Inc. (BB-/Stable/--), which emerged from bankruptcy on Nov. 30. At that time, we assigned a 'BB-'...

Companies mentioned in this report are:
- Comcast Corp.
- Cox Communications Inc.
- DIRECTV
- Cablevision Systems Corp.
- DISH Network Corp.
- GCI Inc.
- Mediacom Communications Corp.
- Charter Communications Inc.
- Insight Communications Co. Inc.
- Block Communications Inc.
- Time Warner Cable Inc.
- Atlantic Broadband Finance LLC
- Knology Inc.
- Bresnan Broadband Holdings LLC
- WideOpenWest Finance LLC
- MCNA Cable Holdings LLC
- Cequel Communications Holdings I LLC

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Comcast Corp.
- Cox Communications Inc.
- DIRECTV
- Cablevision Systems Corp.
- DISH Network Corp.
- GCI Inc.
- Mediacom Communications Corp.
- Charter Communications Inc.
- Insight Communications Co. Inc.
- Block Communications Inc.
- Time Warner Cable Inc.
- Atlantic Broadband Finance LLC
- Knology Inc.
- Bresnan Broadband Holdings LLC
- WideOpenWest Finance LLC
- MCNA Cable Holdings LLC
- Cequel Communications Holdings I LLC

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