S&P raises AMC Networks notes

Standard & Poor's said it affirmed its BB- corporate credit rating on AMC Networks Inc. The outlook is stable.

The agency said it also affirmed the BB+ issue-level ratings on the company's senior secured debt. The 1 recovery rating on the debt remains unchanged and reflects expectations for very high recovery in the event of a payment default.

At the same time, the agency said it raised the issue-level rating on the company's senior unsecured notes to BB- from B+, in connection with revising the recovery rating on this debt to 4 from 5. A 4 recovery rating indicates an expectation that debtholders would receive average recovery in the event of a payment default.

The agency said the improvement in the recovery rating on the notes reflects an expectation of a lower amount of first-lien debt outstanding in a simulated year of default than previously assumed.

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