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S&P cuts American Media
Standard & Poor's said it lowered its ratings on American Media Operations Inc. (CCC+/Watch negative), reflecting the company's continued delays in filing its financial statements with the SEC and weak operating performance, which may impair liquidity.
The agency said that ratings remain on CreditWatch with negative implications, where they were placed on Feb. 21.
American Media still needs to restate its SEC Form 10-K for the fiscal year ended March 31 and has not filed its Form 10-Q since the quarter ended Sept. 30, according to the agency, which added that the company has received another extension of covenant requirements for financial statement reporting from its bondholders and banks until Oct. 31.
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