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S&P cuts LBI Media, notes
Standard & Poor's said it lowered its corporate credit rating on LBI Media Inc. to CCC from B-. The outlook is negative.
In conjunction with the downgrade, the agency said it lowered its issue-level rating on LBI's first-lien senior secured notes due 2019 to CCC from B-. The recovery rating remains unchanged at 3.
The agency said it also lowered the issue-level rating on LBI Media Inc.'s $225 million 8.5% senior subordinated notes to CC. The recovery rating remains at 6.
"The downgrade reflects our view that while audience ratings and distribution are increasing at Estrella TV, the pace of revenue and EBITDA growth might be insufficient to meet interest payments and debt maturities in 2013 absent material asset sales," said S&P credit analyst Mike Altberg in a news release.
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