S&P rates Beasley loan B+

S&P said it assigned a B+ corporate credit rating to Beasley Broadcast Group Inc. and its subsidiary Beasley Mezzanine Holdings LLC.

The outlook is stable.

The agency also said it assigned a B+ rating and 3 recovery rating to Beasley Mezzanine's proposed $20 million revolving credit facility due 2021 and $265 million term loan B due 2023.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The ratings reflect Beasley's relatively smaller size, geographic concentration on the East Coast of the United States, lack of meaningful diversification outside of radio broadcasting and the secular pressures affecting radio advertising, S&P said.

The ratings also consider the company's aggressive financial risk profile, which results from the increased debt in the capital structure due to Beasley's acquisition of Greater Media Group Inc.'s radio broadcasting assets, the agency said.

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