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S&P rates Reader's Digest notes BB-
Standard & Poor's said it assigned its BB- rating to Reader's Digest Association Inc.'s offering of $300 million senior unsecured notes due 2011. S&P also affirmed its ratings, including its BB corporate credit rating, on the company.
The outlook remains negative.
Proceeds from this offering are expected to be used to repay a portion of outstanding debt under the company's term loan.
S&P said the ratings on Reader's Digest reflect its weak profitability and moderate financial risk, only partially offset by its market positions in the highly competitive publishing and direct marketing businesses. S&P said it remains concerned about the company's increased business risk and uncertain long-term growth prospects.
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