S&P places Learfield on watch

S&P said it placed all the ratings, including the B corporate credit rating, on Learfield Communications LLC on CreditWatch with negative implications.

The agency said financial terms of the transaction have not yet been disclosed.

S&P said the action reflects the possibility that Learfield could issue incremental debt to fund the merger with IMG College, resulting in total lease- and guarantee-adjusted leverage above the agency’s 7x downgrade threshold.

“We will resolve the CreditWatch listing in the coming months once financial terms are available and we can fully assess the impact of the prospective capital structure,” S&P said in a news release.

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