S&P: Getty Images still on developing watch

Standard & Poor's said that the ratings on Getty Images Inc., including the B+ corporate credit rating, remain on CreditWatch with developing implications, following the company's announcement that it had obtained a $350 million revolving credit facility.

The ratings were placed on CreditWatch on Dec. 4 after the company announced that it had received notices from bondholders that its delayed third-quarter SEC Form 10-Q filing constituted an event of default, S&P said.

According to the agency, Getty could use borrowings under the facility to acquire MediaVast Inc. or to fund its convertible bond obligation should these bonds be accelerated.

The $350 million revolving credit facility consists of a $200 million revolving credit facility and a $150 million committed accordion feature that must be used within six months of closing, the agency added.

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