Broadview Networks Rating Lowered To 'CCC-' On Note Maturity Risk; Outlook Negative Jun 12
Standard & Poors, June 2012
Abstract
U.S. competitive local exchange carrier Broadview Networks Holdings has $300 million of notes due Sept. 1, 2012. We believe there is a high risk of either a payment default or a debt restructuring, which we would likely consider a distressed exchange and thus tantamount to a default. We are lowering the ratings on Broadview, including our corporate credit rating to 'CCC-' from 'CCC+' and our senior secured notes issue rating to 'CC' from 'CCC'. The negative outlook reflects the fact that we would lower the rating if the company defaults on its obligations or enters into a financial restructuring which we would view as a distressed exchange and thus tantamount to a default. NEW YORK (Standard & Poor's) June 18,...
Companies mentioned in this report are:
- Broadview Networks Holdings Inc.
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Broadview Networks Holdings Inc.
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