PR Newswire
ENGLEWOOD, Colo. , Dec. 2, 2021 /PRNewswire/ -- WOW! Internet, Cable & Phone (NYSE: WOW), a leading broadband provider in the United States , today announced the company's credit rating has been upgraded to BB- by S&P Global and B1 by Moody's Investors Service, respectively. The upgrades, which are forward looking evaluations of a company's credit risk, are primarily a result of WOW! using its net proceeds from the divestiture of several of its service areas earlier this year to pay down its existing debt.
On November 1, 2021 , WOW! announced the completion of the sale of its Chicago , Evansville, Indiana , and Anne Arundel, Maryland service areas to Radiate HoldCo, LLC, a telecommunications holding company affiliated with RCN Telecom Services, LLC, Grande Communications Networks, LLC and WaveDivision Holdings, LLC (collectively "Astound Broadband") for $661 million . The completion of the Astound Broadband transaction follows WOW!'s completed sale of its Cleveland and Columbus, Ohio service areas to Atlantic Broadband, announced in September 2021 . Combined, the two transactions have generated gross proceeds of $1.8 billion , enabling WOW! to significantly lower its debt, strengthen the company's financial position and accelerate its broadband-first strategy.
"We appreciate the recognition by both Moody's and S&P of WOW!'s efforts to delever the business and continue to execute its broadband first strategy," said John Rego , WOW!'s CFO.
The stable outlook outlined by S&P Global and Moody's indicates additional financial flexibility from WOW! to further expand its service area footprint and support further broadband subscriber growth.
About WOW! Internet, Cable & Phone
WOW! is one of the nation's leading broadband providers, with an efficient, high-performing network that passes 1.9 million residential, business and wholesale consumers. WOW! provides services in 14 markets, primarily in the Midwest and Southeast, including Michigan , Alabama , Tennessee , South Carolina , Florida and Georgia . With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized eight times by the National Association for Business Resources as a Best & Brightest Company to Work For, winning the award for the last four consecutive years. Visit wowway.com for more information.
SOURCE WideOpenWest, Inc.