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Rating Action:

Moody's places Cincinnati Bell on review for downgrade following proposed acquisition

Global Credit Research - 13 May 2010

New York, May 13, 2010 -- Moody's Investors Service has placed the ratings of Cincinnati Bell Inc. ("CBB") and its subsidiaries on review for possible downgrade, following the company's announcement to acquire CyrusOne for $525 million in cash. CyrusOne owns and operates seven data centers in Texas, and on a last quarter annualized basis generates $73 million in annual revenues and $42 million in adjusted EBITDA. The company would add about 163,000 square feet to CBB's hosting capacity. CBB indicated that it has secured $970 million in financing needed to complete the acquisition and to refinance existing debt. Moody's believes that the debt taken on to pay for the acquisition would put the company's credit metrics beyond the levels Moody's previously indicated for downgrade triggers.

Moody's has taken the following rating actions:

On Review for Possible Downgrade:

..Issuer: Cincinnati Bell Inc.

....Probability of Default Rating, Placed on Review for Possible Downgrade, currently Ba3

....Corporate Family Rating, Placed on Review for Possible Downgrade, currently Ba3

....Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2

....Senior Secured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba3

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently B2

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2

..Issuer: Cincinnati Bell Telephone Company

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Ba2

Outlook Actions:

..Issuer: Cincinnati Bell Inc.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Cincinnati Bell Telephone Company

....Outlook, Changed To Rating Under Review From Stable

Moody's review will focus on the size and form of the financing, CBB's strategy to integrate CyrusOne's operations and the prospects for the company to resume free cash flow growth and path to deleveraging.

CBB's current Ba3 CFR reflects its solid market position as an incumbent residential telecommunications provider and the revenue diversification it derives from its wireless network and business customer base. The company has been devoting a greater share of its capital budget over the past three years to grow the data center business, and the acquisition of CyrusOne marks the company's first significant expansion outside the core Ohio, Kentucky and Indiana service territory. Moody's also notes that CBB has relatively high leverage and modest free cash flow in relation to total debt, which will be further stressed by this acquisition.

The principal methodology used in rating CBB was Moody's rating methodology for Global Telecommunications Industry published in December 2007 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's most recent rating action for CBB was on March 10, 2010 when Moody's assigned a B2 rating to the company's senior subordinated note issuance.

Cincinnati Bell Inc., with headquarters in Cincinnati, Ohio, provides telecommunications products and services to residential and business customers in Ohio, Kentucky and Indiana. CBB generated $1.3 Billion in revenues in 2009.

New York
Gerald Granovsky
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's places Cincinnati Bell on review for downgrade following proposed acquisition
No Related Data.
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