S&P upgrades Prisa

S&P said it upgraded its issuer rating for Promotora de Informaciones SA (Prisa) to CCC+ from SD after completing its refinancing. The agency cut Prisa’s rating to selective default because it viewed the transaction as distressed and equivalent to a default.

Prisa issued about €110 million of new super senior debt, repaid more than €400 million of the term loan with proceeds from Santillana Spain and Media Capital’s sales, extended maturities, and revised financial covenants.

“In our view, the refinancing transaction provides Prisa with sufficient liquidity to last at least another 12-18 months. We, therefore, think the risk of default over the next 12 months has reduced,” S&P said in a press release.

The outlook is negative.

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