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S&P: WMG Acquisition notes B
S&P said it assigned a B rating and 3 recovery rating to WMG Acquisition Corp.'s proposed senior secured notes.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The proceeds will be used to repay a portion of the outstanding term loan facility.
WMG Acquisition is a subsidiary of Warner Music Group Corp., S&P explained.
The company’s B corporate credit rating reflects the company's fair business risk profile, large and well-diversified portfolio of recordings and compositions across multiple genres and regions, along with its smaller market share than its significantly larger peers, the agency said.
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