S&P ups Belo notes

Standard & Poor's said it affirmed the BB- corporate credit rating on Belo Corp. and revised the outlook to positive from stable.

S&P revised the recovery rating on Belo's unguaranteed 6¾%, 7¾% and 7¼% senior notes to 4 from 6. A 4 recovery rating indicates average (30% to 50%) recovery for noteholders in the event of a payment default. As a result, S&P raised the issue-level rating on this debt to BB- from B.

The outlook revision and ratings reflect the view that, barring unforeseen events, Belo's ratio of fully adjusted debt to average trailing-eight-quarter EBITDA will decline to less than 4.0 times over the next 12 to 18 months because of EBITDA growth, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.