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S&P rates AMC facility BBB-, notes BB
S&P said it affirmed the BB corporate credit rating on AMC Networks Inc.
The outlook remains stable.
At the same time, the agency assigned a BBB- issue-level rating and 1 recovery rating to the company's amended credit facility.
S&P also assigned a BB issue-level rating and 3 recovery rating to the company's proposed $500 million senior unsecured notes. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; 50% rounded estimate) of principal in the event of a payment default.
S&P said it affirmed the rating following AMC's announcement that it plans to amend and extend its senior secured revolving credit facility and term loan A in a leverage-neutral refinancing transaction.
The company's leverage was 3.5 times as of March 31, which the agency expects to be in the low- to mid-3 times range by the end of 2017 – below the 4 times rating downgrade target.
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