S&P revises media, entertainment companies

S&P said it reviewed most of its recovery and issue-level ratings on the U.S. media and entertainment sector for speculative-grade after publishing its revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it revised the issue-level and recovery ratings as appropriate.

These actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

Lee Enterprises Inc.’s senior secured revolver was upgraded to BB- from B+ and its recovery rating was revised to 1+ from 1. Its first-lien term loan was affirmed at B- with recovery rating of 3L and its senior secured notes was affirmed at B- with recovery rating of 3L.

Quincy Media Inc.’s senior secured revolver was upgraded to BB+ from BB and its recovery rating was revised to 1+ from 1. Its term loan B was affirmed at B+ and its recovery rating was revised to 3L from 3H.

Regal Entertainment Group’s senior unsecured notes was upgraded to B from B- and its revised its recovery rating to 5H from 6.

Southern Graphics Inc.’s senior secured rating was upgrade to B+ from B and revised its recovery rating to 2L from 3H. The rating on its senior unsecured notes was affirmed at CCC+ with recovery rating of 6.

Clear Channel International BV’s senior unsecured notes was downgraded to B from B+ and revised its recovery rating to 2H from 1.

Clear Channel Worldwide Holdings Inc.’s senior unsecured notes was downgraded to B from B+ and revised its recovery rating to 2H from 1. Its subordinated notes were affirmed at B- with a recovery rating of 4L.

Cinemark USA Inc.’s senior unsecured notes was affirmed at BB and its recovery rating was revised to 3L from 4H. Its senior secured rating was affirmed at BBB- with a recovery rating of 1.

Regal Cinemas Corp.’s senior secured rating was affirmed at BB with recovery rating of 1.

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