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S&P: Sotheby's on positive watch
Standard & Poor's said it placed the ratings on Sotheby's Holdings Inc., including its B+ long-term corporate credit and senior unsecured ratings, on CreditWatch with positive implications.
This action reflects Sotheby's improved credit measures following a recovery in the art market. Total revenues for the first two quarters grew 66% year-over-year to $276 million, primarily reflecting higher auction commission revenues and the sale of Sotheby's International Realty Inc. to Cendant.
At June 30, total lease adjusted debt to EBITDA was 2.5x and trailing 12-month EBITDA interest coverage was 3.2x. This compares to more than 8x debt to EBITDA leverage at the end of 2003.
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