S&P: Ion on developing watch

Standard & Poor's said it placed its ratings on Ion Media Networks Inc., including the CCC+ corporate credit rating, on CreditWatch with developing implications.

The CreditWatch placement follows Ion's announcement that it entered into an agreement with Citadel Investment Group LLC and NBC Universal Inc. for a comprehensive recapitalization of Ion, the agency said.

"In resolving the CreditWatch listing," said S&P credit analyst Deborah Kinzer, "we will consider Ion's overall operating outlook and future business strategies and will assess the company's financial structure following the recapitalization."

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