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S&P revises Bonten Media recovery rating to 5
Standard & Poor's said it affirmed the CCC corporate credit rating on Bonten Media Group Inc.
The agency also said it revised the recovery rating on the company's 9% subordinated toggle notes due 2015 to 5, indicating 10% to 30% expected default recovery, from 6.
The agency said it subsequently raised the rating on this debt to CCC- from CC.
The outlook is negative.
The outlook change reflects an expectation that TV station sales multiples will remain stable over the next 12 to 18 months, S&P said.
The ratings reflect the company's highly leveraged financial risk profile and weak liquidity, the agency said.
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