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S&P puts Radio One on watch
Standard & Poor's said it placed its BB- corporate credit rating, BB bank loan rating and recovery rating of 1 and B senior unsecured and subordinated debt rating for Radio One Inc. on CreditWatch with negative implications.
The agency said that the CreditWatch listing reflects its concern over increasing leverage, which rose to 6.7 times at June 30 from 6.2 times at March 31, on a decline in EBITDA and additional borrowings under the company's revolving credit facility.
Current leverage is meaningfully higher than S&P's 5.5 times target debt to EBITDA ratio for the company at the BB- rating level.
In resolving the CreditWatch, S&P said it will reassess the company's operating performance and its prospects for reducing leverage and addressing its thin margin of covenant compliance.
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