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S&P cuts Alpha Media
Standard & Poor's said it lowered Alpha Media Group Inc.'s corporate credit rating to CCC from CCC+. first-lien facility to CCC from B- with recovery rating revised to 4 from 2 and second-lien term loan to CC from CCC- with recovery rating unchanged at 6.
The revision of the recovery rating on the company's first-lien debt reflects a change in valuation assumptions.
S&P said it believes the company's compliance with its debt leverage was in jeopardy at Sept. 30 based on the company's very thin margin of covenant compliance at June 30 and indications of a further weakening of operating performance.
Debt leverage was 6.9x at June 30, versus the 6.95x covenant, which stepped down to 6.75x at Sept. 30.
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