Research Update: Atlantic Broadband CCR Raised To 'BB-' From 'B+'; Secured Debt Lowered To 'BB' From 'BB+' Jan 13

Standard & Poors, January 2013

Abstract
We believe Quincy, Mass.-based cable operator Atlantic Broadband Finance LLC could receive minimal credit support from owner Cogeco Cable Inc. if it were to face financial duress, though we do not anticipate the owner would ultimately intercede in the event of an Atlantic Broadband default. We are raising the corporate credit rating on Atlantic Broadband to 'BB-' from `B+' and removing it from positive CreditWatch. In addition, we lowered the issue-level rating on Cogeco Cable II L.P. and Atlantic Broadband (Penn) Holdings Inc.'s $710 million of secured debt to 'BB' from 'BB+' and removed the rating from CreditWatch negative. Our current view of imputed Cogeco support is consistent with a one-notch uplift of Atlantic Broadband's stand-alone credit profile; we had...

Companies mentioned in this report are:
- Atlantic Broadband Finance LLC
- Acquisitions Cogeco Cable II, LP
- Atlantic Broadband (Penn) Holdings Inc.

Action: Downgraded
Action: Removed From CreditWatch
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Atlantic Broadband Finance LLC
- Acquisitions Cogeco Cable II, LP
- Atlantic Broadband (Penn) Holdings Inc.

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