S&P: DCP outlook negative

Standard & Poor's said it affirmed DCP LLC's B corporate credit rating and revised the outlook to negative from stable.

The outlook change reflects the concern that an unfavorable outcome of the company's litigation with the Hollywood Foreign Press Association could hurt revenue and EBITDA, S&P said.

The rating reflects the company's small portfolio of live-event, high-profile TV programming and its high leverage following its $165 million senior secured notes issuance in 2010, the agency said.

It also considers the company's limited liquidity, weak EBITDA coverage of interest and high debt leverage, S&P said.

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