S&P rates Rovi loans BB, lowers recovery

Standard & Poor's said it assigned Rovi Corp.'s proposed $250 million term loan A-2 due 2017 and $550 million term loan B-2 due 2019 its issue-level rating of BB. The recovery rating on this debt is 2, indicating an expectation of substantial recovery for lenders in the event of a payment default.

At the same time, the agency said it revised its recovery rating on Rovi's existing term loans to 2 from 1.

The agency lowered the issue-level rating on this debt to BB from BB+, in accordance with S&P's notching criteria for a recovery rating of 2.

S&P said the revision of the recovery rating reflects the added amount of secured debt in the company's capital structure with the newly proposed term loans.

Additionally, the corporate credit rating on Rovi was affirmed at BB-. The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.