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S&P lowers Macrovision
Standard & Poor's said it lowered its bank loan rating on the senior secured first-lien credit facilities of Macrovision Solutions Corp. (B+/positive), adding that the bank loan rating was lowered to B+ from BB-.
At the same time, the agency said it revised its recovery ratings on the credit facility to 3, indicating its expectation of meaningful recovery in the event of a payment default, from 2.
The B+ corporate credit rating remains unchanged, S&P said, noting that the bank loan rating action is based on the final terms of a transaction in which the first-lien secured term loan was increased by $50 million, to $550 million and the amount of the company's proposed 11% unsecured senior notes was decreased by $50 million, to $100 million.
At the same time, S&P said it affirmed the ratings on Macrovision's $340 million of unsecured facilities, consisting of $240 million in 2.625% convertible senior unsecured notes due 2011 and the $100 million senior unsecured notes due 2013, adding that the notes are rated B- with a recovery rating of 6.
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