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Adelphia's Credit Rating Cut 2 Levels by S&P

April 23, 2002|Bloomberg News

Adelphia Communications Corp.'s credit rating was reduced two levels by Standard & Poor's, the second time the cable television operator's rating has been cut this month.

Adelphia's rating was cut to CCC+, the seventh-highest of 11 ratings, from B by S&P, which left the rating on "watch developing." S&P lowered Adelphia's rating from BB- on April 8.

A formal inquiry into the company by U.S. regulators, along with Adelphia's delay in its financial reports, "further exacerbates Adelphia's already weakened financial profile," S&P said.

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