S&P trims Entravision

S&P said it lowered its corporate credit rating on Entravision Communications Corp. to B+ from BB-. The outlook is stable.

At the same time, S&P lowered its issue-level rating to BB- from BB. The 2 recovery rating indicates an expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default.

“The downgrade reflects our weaker view of Entravision's business stemming from continued pressures on television and advertising revenue and our expectation for gross debt to average-trailing eight-quarter EBITDA to increase to the high-5x area in 2018 from about 5x at the end of 2017,” S&P said in a news release.

© 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.