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S&P lowers LBI Media
Standard & Poor's said it lowered the corporate credit rating on LBI Media Inc. to CC from CCC.
The rating on the company's 8½% senior subordinated notes due 2017 remains CC and the recovery rating on this debt remains unchanged at 6.
Upon the exchange, the agency said it will lower the rating on the 8½% senior subordinated notes due 2017 to D.
The rating on the company's 9¼% senior secured notes due 2019 remains CCC. The recovery rating on this debt remains unchanged at 3, indicating 50% to 70% expected recovery.
The proposed notes will rank junior to LBI's existing 9¼% first-priority senior secured notes due 2019 and accrues interest at an annual rate of 11%, S&P said.
The downgrade reflects the application of a criteria on subpar debt-exchange transactions, which is viewed as tantamount to a default, to LBI's debt exchange offer, the agency said.
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