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S&P ups Ziff Davis Media subordinated debt to CCC-
Standard & Poor's said it raised its corporate credit rating on Ziff Davis Media Inc. to CCC+ from CCC.
S&P also raised Ziff Davis' subordinated debt rating to CCC- from CC.
All ratings were removed from CreditWatch positive where they were placed on April 12. The outlook is stable.
S&P said the upgrade is based on the improvement in Ziff Davis's capital structure following the refinancing of its debt.
This transaction, consistent with S&P's expectations, eased pressure on Ziff Davis' capital and maturity structure by substantially reducing the risk of near-term default by eliminating bank maturities that were scheduled to increase to $24 million in 2005 and $83 million in 2006 and by modestly increasing liquid assets.
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