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S&P affirms Entravision
Standard & Poor's said it affirmed the B+ corporate credit rating on Entravision Communications Corp. and removed the rating from CreditWatch, where it was placed with negative implications on Feb. 4, due to concerns regarding covenant compliance.
The outlook is negative.
The company's secured credit facilities rating was lowered to B+ from BB- and its recovery rating revised to 3 from 2.
"The affirmation of the corporate credit rating reflects our expectation that Entravision will remain in compliance with financial covenants over the intermediate term following its March 16, 2009 credit amendment, despite the potential for continued meaningful EBITDA declines in 2009," S&P analyst Michael Altberg said in a statement.
Entravision's pro forma debt-to-EBITDA ratio was roughly 5x, versus a 6.75x covenant, which steps down to 6.5x on March 31, 2010, the agency noted.
Lease-adjusted debt-to-EBITDA ratio was 5.7x as of Dec. 31.
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