S&P keeps EMAP on developing watch

Standard & Poor's said its B long-term corporate credit rating and senior unsecured debt ratings on EMAP plc remain on CreditWatch with developing implications, where they were placed on Dec. 24.

According the S&P, EMAP's shareholders authorized the disposal of the company's consumer media and radio business to Heinrich Bauer Verlag KG on Jan. 25.

The agency added that the completion of the disposals, which amount to £1.14 billion, are expected to be finalized by early February, after the company obtains clearance from the German and Austrian competition authorities.

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