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S&P downgrades Getty Images
Standard & Poor’s said it lowered the corporate credit rating on Getty Images Inc. to CCC+ from B-.
The outlook is negative.
The agency also said it lowered the rating on the company’s first-lien credit facilities to CCC+ from B-. The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on the company’s unsecured notes to CCC- from CCC. The 6 recovery rating is unchanged, indicating 0 to 10% expected default recovery.
The downgrades reflect the company’s lower free cash flow due to continued weak operating performance in the company’s mid-stock segment amid intense competitive pressure, the agency said.
The company’s adjusted debt leverage will likely rise in the second half of 2015 due to competitive pressure, S&P said.
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