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S&P: Tribune unaffected
Standard & Poor's said its loan and recovery ratings on Tribune Co.'s proposed approximate $10.1 billion secured credit facilities remain unchanged following a revision in the deal's structure.
The loan rating remains at BB-, at the same level as the BB- corporate credit rating on Tribune, with a recovery rating of 2, indicating the expectation for substantial recovery of principal in the event of a payment default, the agency said.
According to S&P, the credit ratings on Tribune remain on CreditWatch with negative implications as the company completes its LBO transaction valued at just under $14.5 billion, incorporating the assumption or repayment of $5.7 billion of debt.
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