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S&P lifts EarthLink notes after loan withdrawal
Standard & Poor's said it withdrew the B+ rating and 2 recovery ratings on EarthLink Inc.'s proposed $300 million senior secured term loan due 2019.
EarthLink announced that it is dropping plans to refinance the ITC^DeltaCom secured notes due 2016 with the proposed term loan because of difficult market conditions, S&P said.
The B- rating and 5 recovery rating on the ITC^DeltaCom notes remain unchanged following the news.
The B corporate credit rating and stable outlook on EarthLink are unchanged.
S&P also said it raised the rating on EarthLink's $300 million senior unsecured notes due 2019 to B- from CCC+ and revised the recovery rating to 5 from 6.
The 5 recovery rating indicates 10% to 30% expected default recovery.
The upgrade on the notes reflects more value available to the unsecured notes at a time of default, S&P said.
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