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S&P rates Getty loan BB-
Standard & Poor's said it assigned a BB- rating to Getty Images Inc.'s proposed $275 million incremental term loan due 2015, which is the same level as its BB- corporate credit rating.
The recovery rating on this debt is 4, indicating 30% to 50% expected recovery in a default.
The proceeds, along with $115 million of cash, will be used to fund a distribution of about $379 million to its shareholders.
The agency also said it affirmed its corporate credit rating at BB-.
The outlook is stable.
The ratings reflect an expectation that the company's financial profile will remain aggressive because of its private-equity ownership and substantial leverage, S&P said.
Getty's business profile is considered fair because of its leading market position, the agency said.
This is tempered by an expectation that unfavorable secular trends related to digital migration will continue to put some pressure on the company's traditional business, S&P said.
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