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S&P rates Warner loan BB-, upgrades notes to B
Standard & Poor's said it affirmed the B+ corporate credit rating on Warner Music Group Corp. and removed it from CreditWatch, where it was placed with negative implications in February.
The outlook is negative.
S&P also said it assigned a BB- rating to its proposed $820 million senior secured first-lien incremental term loan with a recovery rating of 2, indicating 70% to 90% expected default recovery.
The agency also said it revised the recovery rating on Warner's $765 million unsecured notes to 5, indicating 10% to 30% expected default recovery, from 6, indicating 0% to 10% expected default recovery. The agency also said it raised the rating to B from B-.
The ratings reflect the continued uncertainty surrounding industry-wide revenue and profitability trends affecting Warner Music over the intermediate term, S&P said, despite recent signs of stabilization in the industry.
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