S&P lowers Black Press

S&P said it lowered its long-term corporate credit rating on Black Press Ltd. to B- from B based on weaker expected earnings and credit metrics, along with heightened refinancing risks. The outlook is stable.

S&P also lowered its issue-level rating on the company's senior secured first-lien notes to B+ from BB-. The 1 recovery rating on the notes is unchanged, indicating an expectation for very high (90%-100%; rounded estimate 95%) recovery.

“The downgrade reflects our expectation that Black Press' revenues and EBITDA will remain pressured following weak advertising revenues reflecting economic weakness in some operating regions along with a relatively fixed cost structure and limited ability to further reduce expenses,” S&P said in a news release.

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