S&P lifts Getty Images

Standard & Poor’s said it raised the corporate credit rating on Getty Images Inc. to CCC+ from SD.

The outlook is negative.

The agency also said it affirmed the CCC+ rating on the company’s $1.9 billion term loan B, $150 million revolver and $252.5 million first-lien notes. The recovery rating remains unchanged at 4, indicating 30% to 50% expected default recovery.

S&P also raised the rating on the company’s unsecured notes to CCC- from D. The 6 recovery rating is unchanged, indicating 0 to 10% expected default recovery.

The upgrades reflect the completion of the company’s recent exchange offer and subsequent reassessment of the company’s credit risk, the agency said.

The ratings reflect a view that the company’s capital structure is unsustainable, S&P said, its low free cash flow will continue to be affected by weak operating performance and higher interest expense.

The company continues to see significant pricing and competitive pressure on its midstock segment and may pursue additional restructuring activities, the agency added.

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