S&P: IAC/Interactive revised

Standard & Poor's said it revised its recovery rating on IAC/Interactive Corp.'s $80 million of New York City Industry Development Liberty Bonds due 2035 to 1 from 2. The 1 recovery rating indicates S&P's expectation of very high recovery in the event of a payment default, the agency said.

In addition, S&P said it raised its issue-level rating on this debt to BBB- from BB+.

The agency said the revision on the recovery ratings reflects a scenario of a smaller decline in the value of assets securing the Liberty Bonds than under its previous analysis, and increased credit support from IAC guarantees under its simulated default scenario.

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