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S&P lifts Hubbard Radio debt to BB-
Standard & Poor’s said it affirmed the B+ corporate credit rating on Hubbard Radio LLC.
The agency also said it raised the rating on the company’s senior secured debt to BB- from B+ and revised the recovery rating on this debt to 2 from 3.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The recovery rating revision reflects a lower amount of senior secured debt under the simulated default scenario, S&P said, and the improved position of senior secured creditors.
The stable outlook considers an expectation that the company will maintain adequate liquidity and leverage of less than 5x over the next two- to three-years, the agency said.
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