S&P might upgrade MTL

S&P said it placed its B+ corporate credit rating on MTL Publishing LLC (EMI Music Publishing) on CreditWatch with positive implications.

At the same time, the agency placed the BB- issue-level rating on the company's senior secured debt and the B issue-level rating on its senior unsecured debt on CreditWatch with positive implications.

The recovery rating on the senior secured debt is 2, reflecting an expectation of substantial (70%-90%; rounded estimate: 75%) recovery, and the recovery rating on the senior unsecured debt is 5, reflecting modest (10%-30%; rounded estimate: 15%) recovery.

S&P said the CreditWatch placement follows the announcement that Sony Corp. (BBB+/stable/A-2) plans to acquire an additional equity interest in MTL and make it a subsidiary.

“The CreditWatch placement reflects a view that MTL's business prospects and credit measures will improve following the acquisition given Sony Corp.'s stronger market position and credit measures,” the agency said in a news release.

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