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S&P: Mood Media view positive
Standard & Poor's said it revised its outlook on Mood Media Corp. to positive from stable.
At the same time, the agency said it affirmed the B corporate credit rating on the company.
The agency said it also affirmed its B issue ratings on the company's $355 million first-lien term loan and $20 million revolving credit facility. The recovery rating on these facilities is 3.
In addition, the agency said it affirmed its CCC+ issue rating on Mood Media's $100 million second-lien term loan. The recovery rating is 6.
S&P said the outlook revision primarily reflects Mood Media's good progress in integrating U.S.-incorporated Muzak Holdings LLC, which it acquired in May 2011, as well as the benefits from its recent acquisition of DMX Holdings Inc., which was financed prudently with equity.
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