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Rating Action:

Moody's Upgrades WideOpenWest (CFR, PDR to B2); Outlook Stable

31 Aug 2009

Approximately $1.3 billion of rated debt instruments affected

New York, August 31, 2009 -- Moody's Investors Service upgraded WideOpenWest Finance, LLC's ("WOW") Corporate Family Rating and Probability of Default Rating to B2 from B3. Additionally, Moody's upgraded WOW's $1.075 billion of first lien senior secured bank credit facilities ($100 million revolving credit facility due June 2013, $975 million term loan facility due June 2014) to B1 from B2, and its $235 second lien senior secured term loan facility due 2015 to Caa1 from Caa2. The rating outlook is stable.

Moody's has taken the following rating actions:

Issuer: WideOpenWest Finance, LLC

Corporate Family Rating -- upgraded to B2 from B3

Probability of Default Rating -- upgraded to B2 from B3

Senior Secured Revolving Credit Facility due 2013 -- upgraded to B1 (LGD 3, 40%) from B2 (LGD 3, 40%)

Senior Secured First Lien Term Loan due 2014 -- upgraded to B1 (LGD 3, 40%) from B2 (LGD 3, 40%)

Senior Secured Second Lien Term Loan due 2015 -- upgraded to Caa1 (LGD 6, 90%) from Caa2 (LGD 6, 91%)

Rating Outlook -- Stable

"The upgrades reflect steady improvement in WideOpenWest's key credit metrics, which we expect to continue strengthening over the forward rating horizon," noted Moody's Senior Vice President Russell Solomon. Moody's expects subscriber growth and increased penetration levels of video, data and telephony services will yield mid-single digit revenue growth, higher EBITDA levels and lower leverage over the intermediate term, with financial leverage expected to decline further from about 6.6x (incorporating Moody's standard adjustments) at June 30, 2009 to less than 6.0x by the end of fiscal year 2010. Moody's also anticipates that the company will notably begin to generate positive free cash flow in fiscal 2009, primarily as a result of a significant reduction in capital expenditures but also due to the aforementioned increases in EBITDA levels due to ongoing margin improvement and top-line revenue growth. Free cash flow generation will likely exceed $40 million in 2009 assuming the company continues to PIK interest on its second lien credit facility. Given several years of cash shortfalls, the company's modest cash balance (approximately $16 million as of June 30, 2009) and only limited availability under its revolving credit facility (approximately $25 million as of June 30, 2009), the transition to positive and growing free cash flow generation somewhat alleviates Moody's former concerns regarding WOW's liquidity profile.

WOW's ratings continue to broadly reflect the company's relatively small size, high financial leverage and competition from much larger cable operators and direct broadcast satellite service providers that are generally more (and often much more) creditworthy and subsequently have better access to financial capital and other operational resources. The company's ratings also continue to be somewhat constrained by the risks inherent to its business model as an overbuilder, although over time this risk will continue to be partially mitigated if further share and penetration gains are realized. The ratings are supported by the improving financial profile, nonetheless, and reasonably good underlying value ascribed to the company's assets, which remain levered but poised to continue growing as further penetration gains and margin improvements are realized.

Moody's last rating action for WOW was on September 16, 2008 when Moody's affirmed the company's B3 CFR and PDR.

The principal rating methodology used for WideOpenWest was the Global Cable Television Industry, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Headquartered in Englewood, Colorado, WideOpenWest Finance, LLC (WOW) is a competitive broadband provider offering cable TV, high speed Internet services and telephony. The company had approximately 431,000 basic video subscribers as of June 30, 2009 across markets in portions of Michigan, Illinois, Ohio, and Indiana. WOW generated $557 million in revenue for twelve month period ended June 30, 2009.

Additional information for subscribers to Moody's research can be found in the accompanying Credit Opinion on Moodys website at www.moodys.com.

New York
Russell Solomon
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Neil Begley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Upgrades WideOpenWest (CFR, PDR to B2); Outlook Stable
No Related Data.
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