S&P rates Entravision bond B

Standard & Poor's said it revised the outlook on Entravision Communications Corp. to positive from stable. Its corporate credit rating was affirmed at B. The agency said it assigned a B rating to its proposed $385 million senior secured first-lien notes due 2017 with a recovery rating of 3, indicating an expectation of 50% to 70% recovery in a default.

The ratings reflect an expectation that leverage will remain high in 2010 as operating performance improves but that liquidity and financial flexibility will be strengthened as a result of the proposed refinancing, S&P said.

Modest positive factors include Entravision's long-term strategic relationship with shareholder Univision Communications Inc., favorable long-term trends in Hispanic media and moderate portfolio diversity, the agency said.

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