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S&P lifts LBI Media
Standard & Poor's said it raised its corporate credit rating on LBI Media Inc. to CC from D. The outlook is negative.
The issue-level rating on the company's 8½% senior subordinated notes due 2017 remains CC and the recovery rating on this debt remains unchanged at 6. According to S&P, the company has extended its debt exchange offer for its 8½% notes and its 11% senior discount notes due 2013.
Upon the exchange, S&P said it would lower the issue-level rating on the 8½% senior subordinated notes due 2017 to D.
The issue-level rating on the company's 9¼% senior secured notes due 2019 remains CCC. The recovery rating on this debt remains unchanged at 3.
"We raised the corporate credit rating to CC from D based on LBI Media Holdings' disclosure that it made the interest payment on its 11% senior discount notes and had cured the default," said S&P credit analyst Minesh Patel in a news release.
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