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Moody's affirms Advanstar, on developing watch
Moody's Investors Service said it affirmed all ratings of Advanstar Communications Inc., however, the ratings outlook has been changed to developing from stable following the company's announcement that it is considering strategic alternatives, including a possible sale of the company.
Affirmed ratings include the $60 million senior secured revolving credit facility due 2007, B2
$292 million of 10.75% of second lien secured notes due 2010 at B3, $160 million of 12% senior subordinated notes due 2011 at Caa2 and corporate family rating at B3.
The change in outlook largely reflects the likelihood that Advanstar will successfully conclude a sale of the company, which in turn will affect its credit profile, the agency said.
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