Moody's: LodgeNet up to stable

Moody's Investors Service said it revised the outlook for LodgeNet Entertainment Corp. to stable from negative and raised the rating on the senior secured bank debt to Ba3 from B1.

Moody's affirmed LodgeNet's B3 rated $200 million 9½% senior subordinated notes due 2013, B1 senior implied rating and B2 senior unsecured issuer rating.

Moody's said the stable outlook and ratings affirmation reflects a year over year decline in leverage, achieved partially through the company's application of equity proceeds to debt reduction, anticipated continuation of improved operating trends, ability to manage performance through a weak economic environment and expectations for continued modest positive free cash flow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.