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S&P: MDC Partners notes B+
Standard & Poor’s said it assigned a B+ rating to MDC Partners Inc.’s proposed senior unsecured notes due 2024.
The agency also said it assigned a 4 recovery rating to the notes, indicating 30% to 50% expected default recovery.
The proceeds will be used to redeem its existing $735 million 6¾% senior notes due 2020.
The company’s B+ corporate credit rating and positive outlook on MDC remains unchanged.
The positive outlook reflects an expectation that the company’s operating performance will remain strong and improve the likelihood that its adjusted leverage could decline to less than 5x by the end of 2016, S&P said.
The ratings also reflect the company’s healthy business prospects, improved margins and consistently reported organic revenue growth rates above those of its ad agency peers, the agency said.
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