S&P affirms Harron

Standard & Poor's said it affirmed its BB- corporate credit rating on Harron Communications LP.

The outlook is stable.

At the same time, the agency affirmed the BB+ issue-level rating, with a 1 recovery rating, on the company's senior secured debt.

It also affirmed the BB- issue-level ratings, with a 4 recovery rating, on the senior unsecured debt. Given the lower amount of secured debt outstanding based on the proposed debt repayment, the recovery prospects for the unsecured debt improve to the higher end of the 30%-50% range.

All ratings were removed from CreditWatch, where they were placed with negative implications on June 8.

"The ratings affirmation reflects our expectation that Harron will use about $130 million of the asset sale proceeds to pay off the outstanding balances on its senior secured revolving credit facility and term loan B," S&P credit analyst Rose Askinazi said in a news release.

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