Downgrades face 5 cablers

Moody’s Investors Service put five cable companies on notice Friday that their bonds may be downgraded.

As much as $ 2 billion in debt could be affected by the move.

The New York bond rating agency targeted Adelphia Communications Corp., Cablevision Industries Corp., Cablevision Systems Corp., Century Communications Corp. and Jones Intercable Inc.

The review was based on the impact expected from the recent cable legislation that would likely “result in a significant one-time downward adjustment of revenues and cash flow, and the relative lack of diversity of each of the respective companies.”

As a result, Moody’s was concerned about the cable operators’ ability to cover their debt.

The legislation, which rolls back subscriber rates, will take effect in October.

Meanwhile, Moody’s also confirmed the long-term ratings of Tele-Communications Inc., Continental Cablevision Inc. and Comcast Corp., reflecting their financial flexibility, which allows them to better absorb the expected reduction in revenues and cash flows.

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