S&P rates Inter Media bond BB-

S&P said it assigned a preliminary BB- long-term issue rating to the proposed €300 million senior secured bond due 2022 to be issued by Inter Media and Communication SpA.

The outlook is stable.

The preliminary recovery rating on the proposed bond is 4, indicating an expectation of recovery in the 30%-50% range (rounded estimate 45%) in the event of a payment default.

The agency said the preliminary issue rating mainly reflects MediaCo's materially volatile cash flow available for service debt, owing to short-term contracts linked directly or indirectly to Internazionale Milano's on-field performance, and substantial exposure to refinancing risk.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.