S&P affirms Univision

Standard & Poor's said it affirmed Univision Communications Inc.'s 8½% senior unsecured notes due 2021, following news of the company's proposed $315 million add-on to the issue.

The add-on would bring the total dollar amount of the issue to $815 million.

The rating on this debt remains at CCC+, which is two notches lower than the B corporate credit rating on the company, and the recovery rating remains at 6, indicating 0% to 10% recovery in a default.

The corporate credit rating on Univision is B and the outlook is stable.

EBITDA coverage of interest improved, S&P said, but remained very thin, at 1.4x compared to 1.1x at the end of 2009, while coverage of cash interest also was low at 1.8x.

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