S&P upgrades Ascend Learning, Extreme Reach

S&P said it reviewed all of the remaining recovery and issue-level ratings in the U.S. media and entertainment sector for speculative-grade corporate issuers that were considered under criteria observation after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency said it revised the issue-level and recovery ratings on two companies.

S&P said it upgraded the issue-level ratings on three debt issues in the sector. In each case, the upgrade resulted from a revision to the recovery rating on the debt instrument, the agency explained.

The upgrades stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

S&P upgraded the rating on Ascend Learning LLC’s senior secured revolver to B+ from B, along with its recovery rating to 2L from 3H. The agency also upgraded its senior secured first-lien rating to B+ from B with recovery rating revised to 2L from 3H.

Extreme Reach Inc.’s senior secured revolver also was upgraded to BB from BB-, along with its recovery rating to 1+ from 1.

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