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S&P cuts Joye Media
S&P said it downgraded Joye Media SL (Mediapro’s parent) to B from BB-, its first-lien debt to B+ from BB and its subordinated debt rating to CCC+ from B. The agency also placed the ratings on CreditWatch with negative implications.
“In 2019, Joye Media generated negative free operating cash flow (FOCF) for the second consecutive year, totaling around negative €30 million, excluding exceptionally negative working capital outflows of €221 million related to the joint venture with beIN. This contrasts with our previous expectation of positive FOCF of above €100 million,” said the agency in a press release.
“We now view Joye Media's liquidity as less than adequate due to its thin cash buffer and expected lack of covenant headroom,” S&P said.
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