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S&P: Muzak on positive watch
Standard & Poor's said it placed all of its ratings on Muzak Holdings LLC and its subsidiary, Muzak LLC, including the CCC+ corporate credit ratings, on CreditWatch with positive implications.
The companies are analyzed on a consolidated basis, the agency noted, adding that the positive CreditWatch listing follows the company's announcement that it is contemplating a combination with competitor DMX Inc. after clearance by the U.S. Department of Justice.
The positive CreditWatch listing indicates the possibility of upward rating movement if Muzak and DMX are able to sell the combined entity, operate more efficiently and maintain adequate liquidity than on a stand-alone basis, S&P said.
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