S&P cuts MGM loan to B+

Standard & Poor's said it revised its recovery rating on Metro-Goldwyn-Mayer Inc.'s senior secured term loan to 3 from 2.

The agency subsequently lowered its issue-level rating on the debt to B+ from BB-, in accordance with its notching criteria.

The action follows the company's proposal to upsize the loan to $300 million and to extend the maturity to 2020.

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