S&P assigns BB- to Wenner Media loan

Standard & Poor's said it affirmed its B corporate credit rating on Wenner Media LLC. The outlook is stable.

At the same time, S&P assigned Wenner Media's $159 million senior secured credit facility an issue-level rating of BB- (two notches higher than the B corporate credit rating on the company), with a recovery rating of 1, indicating an expectation of very high (90% to 100%) recovery for lenders in the event of a payment default.

S&P said it revised the recovery rating on the company's senior secured credit facilities to 1, indicating an expectation for very high (90% to 100%) recovery in the event of a payment default, from a 2 (70%-90%) recovery expectation. S&P subsequently raised its issue-level rating on this debt to BB- from B+.

The B corporate credit rating on Wenner Media reflects S&P's assessment of the business risk profile as "vulnerable" and the financial risk profile as "highly leveraged."

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