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S&P affirms ION Media
Standard & Poor's said it affirmed its ratings on ION Media Networks Inc., including the CCC+ corporate credit rating, and removed them from CreditWatch, where they were placed with developing implications on May 7 following the company's agreement with Citadel Investment Group LLC and NBC Universal Inc. for a comprehensive recapitalization of the company.
The outlook is negative.
The recapitalization was completed on Aug. 21, and ION Media now has total debt and preferred stock of $2.51 billion. The agency said the ratings and outlook reflect its expectation that the company's financial risk will remain very high because of its weak EBITDA, onerous debt burden, limited liquidity sources and negative discretionary cash flow.
The company's valuable programming distribution platform and fairly resilient station asset values minimally offset these factors, S&P said.
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