S&P rates Tribune Publishing loans B+, BB

Standard & Poor’s said it assigned Tribune Publishing Co. a B+ corporate credit rating. The outlook is stable.

At the same time, S&P assigned the company’s proposed $350 million term loan due 2021 a B+ issue-level rating, with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%) recovery for lenders in the event of a payment default.

In addition, S&P assigned the company’s proposed $140 million ABL due 2019 a BB issue-level rating, with a recovery rating of 1, indicating an expectation for very high (90% to 100%) recovery for lenders in the event of a payment default.

The B+ corporate credit rating on Tribune Publishing reflects S&P’s assessment of the business risk profile as “vulnerable” and its financial risk profile as “significant.”

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