S&P cuts Univision Communications to junk

Standard & Poor's said it lowered its corporate credit and senior unsecured notes ratings on Univision Communications Inc. to BB- from BBB-, based on the company's agreement in principle to a $12.3 billion LBO led by Madison Dearborn Partners LLC.

All ratings, including the BBB- rating on the company's credit facility, remain on CreditWatch, with implications revised to negative from developing, the agency added.

S&P noted that terms of the credit agreement require debt to be repaid upon a change of control of the company.

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