S&P lifts Radio One debt

Standard & Poor's said it revised its recovery rating on Radio One Inc.'s senior secured debt to 1 from 2. The 1 recovery rating indicates an expectation of very high recovery for lenders in the event of a payment default.

The agency said it also raised the issue-level rating on the debt to B+ from B, in accordance with S&P's notching criteria for a 1 recovery rating.

"The increase in our senior secured term loan's issue-level rating and revision of our recovery rating reflect a slight improvement in our 2013 simulated distressed valuation," said S&P credit analyst Michael Altberg in a news release.

"The valuation increase reflects modest gains in TV One's subscriber base and affiliate revenues since our last valuation and our expectation of continued improvement over the intermediate term."

The agency said it also affirmed all other issue-level ratings on Radio One's debt, along with the B- corporate credit rating on the company. The outlook is negative.

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