Moody's slashes RCN: bond rating service says overbuilding MSO is running out of cable assets to sell to cut debt. (Finance).(Moody's Investors Service downgrades RCN Corp.'s debt rating)
Multichannel News, July, 2003 by Farrell, Mike
Moody's Investors Service downgraded RCN Corp.'s debt rating last week, claiming that the Princeton, N.J.-based over-builder is running out of options to raise cash to service its debt. Last Monday, Moody's dropped RCN's senior debt ratings to Caa from Caa2 and its bank debt ratings to Caa3 from Caa1, after RCN said it would initiate a tender offer for $290 million of its senior notes.
According to Moody's, the tender offer -- through which RCN would pay bondholders between 32 cents and 37 cents on the dollar for their bonds -- is the third "distressed exchange" by the company in a little more than two years and indicates that RCN is in dire need of a restructuring. MOODY'S: MORE NEEDED "The ratings for RCN continue to reflect Moody's...
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