Adelphia’s Credit Rating Cut 2 Levels by S

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.