Mediacom Communications Corporation announced today that Standard and Poor’s (“S&P”) has elevated the Company’s corporate credit to an investment grade rating of BBB, with a stable outlook, representing an improvement of two notches above Mediacom’s prior rating of BB+.
“I take great pride in announcing this historic development, particularly in the midst of an unprecedented global pandemic that has caused an avalanche of credit rating downgrades across a wide range of domestic and international debt issuers,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and CEO. “Our ready access to the financial markets and our low cost of debt capital clearly reflect that we have been granted investment grade treatment by investors for the past several years. I am pleased to see S&P also acknowledging, with a ‘double upgrade,’ that Mediacom has earned this enviable credit rating, given its strong operating performance, high quality credit metrics and rigorous financial discipline. Notably, among hundreds of mid-sized U.S. corporations across all industries, we join the select few that have achieved an investment grade rating.
“This credit upgrade is an incredible accomplishment that speaks volumes about the performance of our cable/internet business and the effectiveness of our financial strategy since I founded Mediacom in 1995. Our unique record of 94 consecutive quarters of year-over-year revenue growth is a testament to the capabilities and leadership of our long-tenured senior management team. Further, with an unblemished history in completing $22 billion in financings both in good and bad economic times during the past 25 years, Mediacom enjoys today a stellar reputation in the financial markets as evidenced by having attained the lowest borrowing costs in the entire telecom sector.
“Our strategic decision to invest $3 billion over the past decade to ‘future proof’ Mediacom’s fiber-rich network not only positioned our company for financial success, but also provided the customers and communities we serve with access to ultra-fast gigabit internet speeds, a critical competitive advantage in addressing the work, education and health care challenges created by the COVID crisis.
“Reaching investment grade is a significant benchmark for Mediacom and an achievement that I proudly share with all our employees, who represent the heart and soul of our company,” concluded Commisso.
About Mediacom Communications
Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to over 1.4 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
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