S&P: Creative Artists unaffected by loan add-on

Standard & Poor’s said the BB- rating and 2 recovery rating on Creative Artists Agency LLC’s senior secured credit facility are not affected by news that the company plans to issue a $45 million add-on to its term loan B.

The 2 recovery rating reflects 70% to 90% expected default recovery.

The company will use the proceeds to repay outstanding revolving borrowings, S&P said.

The company’s B+ corporate credit rating reflects its highly leveraged financial risk profile and fair business risk profile, the agency said.

Creative Artists has a good market position, breadth and competencies, S&P added.

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