You can't be the SEC but why not be the ACC

Tampa Bay makes less sense, but OK.But Charlotte is right on so many levels.First, the city wants this game. Not that Tampa or Jacksonville didn't, but neither was ever clamoring for it.Charlotte is that third job applicant who shows up to the interview dressed to the nines and honestly prepared to explain why it's the best choice.When you're trying to make a game into an event that draws tons of peoplewith fan-friendly activities, concerts, parties, the worksthat's the sort of attitude you need from the host city.Second, Charlotte is far more central than either other location ever was.As the story linked above points out, eight ACC schools are within 300 miles of Charlotte. The last two ACC Championships were played between Virginia Tech and Boston College, which are 778 and 1,366 miles away from Tampa Bay, respectively.Only once has a Florida team played in an ACC title game, and only twice has either team come from less than 500 miles away.This is all a nice way of saying Charlotte is the ideal location. Atlanta works for the SEC title game, because people in the SEC see Atlanta as a natural center of their conference.

It's within a comfortable day's drive of almost every school, and the Georgia Dome and surrounding hotels and nightlife make it an ideal destination.Charlotte is Atlanta to the ACC.Third, and this is slightly less important, but putting the game permanently in Charlotte probably placatesif ever so slightlythe Tobacco Road ACC teams, some of whom have found that expanding the conference to bring in the football dollars isn't exactly the everybody-wins situation they expected.Football has certainly begun to crowd basketball in the roundball lovers' conference. Not much, but it has, with all the sudden parity, etc.Only one Tobacco Road team has made an ACC title game in its four years, Wake Forest in 2007. Putting the game in the heart of basketball countrywhich like it or not wields significant power in the conferencegives the schools in that area some semblance of ownership of ACC football, even if it doesn't come via success.Last, and probably least in the ACC's mind, putting the game in Charlotte for good says that the ACC isn't just trying to playmimic with it's Southern brother.Look, the ACC will never be the SEC. But I don't think running away from your soul is suddenly going to make you an overnight success at something you can't build.Why not instead market yourself as something the SEC can't bea 12-team conference with the kind of football-basketball balance and sweeping East coast appeal that every commissioner in the FBS would love to have.You can't be the SEC, but why not be the ACC. CHICAGO(Business Wire)Fitch Ratings has downgraded the following ratings assigned to FairPointCommunications, Inc. Fitch has also affirmed the following senior secured ratings and assignedrecovery ratings: $200 million senior secured revolving credit facility rated 'BB/RR1'; $500 million senior secured term loan due 2014 rated 'BB/RR1'; $1.13 billion senior secured term loan due 2015 rated 'BB/RR1'; $200 million senior secured delayed draw term loan due 2015 rated 'BB/RR1'.

In addition, Fitch has changed the Rating Outlook to Negative from Stable. Fitch's downgrades and Negative Outlook mainly reflect the pressure onFairPoint's revenue, EBITDA and cash flow stemming from access line losses thatare higher than those experienced by other rural operators and the higherborrowing requirements resulting from the weaker performance. Fitchexpects that in 2009 these factors combined with the weak economy will make itdifficult for FairPoint to stabilize its credit metrics until the latter half ofthe year at the earliest. Fitch believes the operational trends, combined with anticipated capitalspending and its high dividend payout, have reduced FairPoint's financialflexibility in 2009 to a level below previous expectations. While capitalspending is expected to moderate in 2009 from 2008 as a result of much lowerspending on systems integration, Fitch believes FairPoint has little flexibilityto further reduce spending due to regulatory commitments. Fitch notes that aportion of the capital spending derived from regulatory commitments may befunded by cash previously contributed by Verizon that is currently accounted foras restricted cash.

Fitch expects debt-to-EBITDA leverage to be in the 4.5 times (x) to 5.0x rangein the near term (Fitch does not adjust for certain non-cash pension and benefitcosts that will be considered in calculating EBITDA for its bank covenants). TheNegative Outlook could be resolved if FairPoint demonstrates progress instabilizing operating trends (once it is on its own systems) and if it takessteps to improve financial flexibility through a combination of cost controls,capital spending reductions, or a re-evaluation of current dividend levels At Sept. 30, 2008, FairPoint's cash balance amounted to approximately $168million, and its restricted cash balance was $80 million. In aneffort to preserve capital availability and given the uncertain marketconditions as well as uncertainty around Lehman Brothers (the company'sadministrative agent at the time), FairPoint drew the remaining $100 millionavailable on its delayed draw credit facility and $100 million from itsrevolving credit facility. The draw was made to ensure the company hadsufficient cash to complete the system conversion Lehman, which filed forbankruptcy on Oct. 5, 2008, accounted for 30 of the commitments under therevolver and delayed draw facilities; as a result, the remaining capacity on the$200 million revolver, net of outstanding letters of credit, was reduced to$59.7 million as of Sept 30, 2008.