S&P affirms Cygnus, CommerceConnect

Standard & Poor's said it affirmed all ratings, including the CCC+ corporate credit rating, on Cygnus Business Media Inc. and its parent company, CommerceConnect Media Holdings Inc., and removed all ratings from CreditWatch, where they had been placed on April 18 with positive implications.

The outlook is developing.

The agency said it analyzes Cygnus Business on a consolidated basis with its parent, noting that the developing outlook reflects its uncertainty regarding the company's liquidity amid tightening covenants and refinancing risk within the next two years.

According to S&P, the ratings on Cygnus reflect the company's limited liquidity, high tolerance for risk, high debt leverage, small EBITDA base and difficult business fundamentals while these factors are minimally offset by Cygnus's cash flow diversity and the niche competitive positions of its complementary trade publications, expositions and related operations serving eight industry sectors.

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