RCN Telecom Services, LLC -- Moody's assigns Caa1 to RCN bonds, affirms B2 CFR

New York, June 12, 2013 -- Moody's Investors Service assigned a Caa1 rating to the proposed $200 million senior unsecured bonds of RCN Telecom Services, LLC (RCN). The company expects to use proceeds to fund another dividend distribution to its private equity owners, ABRY Partners, LLC and Spectrum Equity. Moody's also affirmed RCN's B2 corporate family rating and the B1 rating on its senior secured first lien credit facility. On May 28, Moody's downgraded the corporate family rating to B2 from B1 based on expectations for the issuance of senior unsecured bonds to fund the dividend.

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