S&P: Sotheby's unaffected

Sotheby's Holdings Inc.'s (B+/stable/--) announcement that it has received a commitment to refinance its existing credit facility will not affect the company's credit rating or outlook, Standard & Poor's said Friday.

GE Commercial Finance Corporate Lending has committed for $100 million of a new senior secured facility and will seek to syndicate another $100 million with other financial institutions. To allow for completion, existing lenders have extended the February 2004 maturity by one month.

S&P said it assumed that Sotheby's would successfully renew or refinance the credit facility in order to maintain liquidity.

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