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S&P cuts ION Media to D
Standard & Poor's said it lowered the corporate credit rating on ION Media Networks Inc. to D from CC and revised the recovery rating on its first-lien senior secured debt to 6 from 4.
The downgrade reflects ION Media's announcement that it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code, according to the agency.
The revision of the recovery rating on the first-lien debt reflects management's proposed $300 million super-priority debtor-in-possession facility.
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