S&P rates Adams Outdoor loan B+

Standard & Poor's said it assigned its B+ bank loan ratings and its 3 recovery rating to Adams Outdoor Advertising LP's proposed $285 million senior secured credit facility.

At the same time, S&P affirmed its B+ corporate credit rating on Adams. The outlook is stable.

Proceeds from the proposed facility would be used to refinance the company's existing first- and second-lien credit facilities totaling $295 million and pay a $4 million dividend to partners.

S&P said the ratings reflect the company's heavy debt levels and relatively small cash flow base.

This is tempered by Adams' fair business risk profile, which S&P said emphasizes the more stable local and regional advertising revenues.

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