S&P rates WMG notes BB+

S&P said it assigned BB+ issue-level and 3 recovery ratings to WMG Acquisition Corp.'s planned $535 million of senior secured notes due 2029.

“Our BB+ issuer credit rating on Warner Music Group Corp. reflects our view that it will continue to expand its revenue by the high-single digit percent area, in line with the trajectory of the overall music industry, and maintain S&P Global Ratings-adjusted leverage of between 3x and 3.5x over the next 12 months,” S&P said in a press release.

The company is expected to use the proceeds to fund three music and music-related acquisitions and for general corporate purposes.

The outlook is stable.

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