Moody’s Lowers Adelphia’s Rating

The junk credit rating of Adelphia Communications Corp., the sixth-biggest U.S. cable operator, was cut by Moody’s Investors Service. Moody’s lowered the rating on the cable-television company’s senior unsecured debt from B2 to B3, six levels below investment grade.

Moody’s said Adelphia had lost investor confidence, lacks access to the capital markets and does not have a near-term contingency plan.

About $19 billion of Adelphia debt is affected by the downgrades.

Adelphia did not immediately return a call for comment.

The Coudersport, Pa.-based company has said it may restate three years of results through last year to reflect loans to the family of Chairman John Rigas.

Adelphia shares rose 4 cents to $6.05 on Nasdaq.