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S&P assigns All3Media loans B, B- ratings
Standard & Poor’s said it assigned its B long-term corporate credit rating to All3Media Finance Ltd. and placed the rating on CreditWatch with positive implications.
At the same time, S&P assigned a B issue rating to the £290 million first-lien term loan maturing in 2021. The recovery rating on this loan is 3, indicating an expectation of meaningful (50%-70%) recovery prospects in the event of a payment default. S&P also placed the issue ratings on CreditWatch positive.
In addition, S&P assigned a B+ preliminary long-term corporate credit rating to DLG Acquisition Ltd. The outlook on this entity is stable.
Finally, S&P assigned a preliminary issue rating of B- to the proposed €100 million second-lien term loan maturing in 2022. The recovery rating on this loan is 6, indicating an expectation of negligible recovery (0%-10%) if payment default occurred.
The ratings on All3Media reflect S&P’s view of the company’s “highly leveraged” financial risk profile and “fair” business risk profile.
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