BULLETIN: Espresso Ratings and Outlook Not Affected By TV Asset Purchase
- ID: 1722368
- December 2004
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
LONDON (Standard & Poor's) Dec. 23, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Espresso; BBB-/Positive/--) would not be affected by the group's -115 million acquisition of RETE A's music TV assets. Although the acquisition will utilize the majority of Espresso's 2005 free operating cash flow capacity, the group is expected to remain within the -500 million lease-adjusted debt threshold for the rating level. The acquisition is to be funded with -100 million of proceeds from the group's October 2004 -300 million bond issue, with the remainder of the proceeds earmarked for the repayment of the -200 million bond maturing in 2005. The integration risk of...
Companies mentioned in this report are: Gruppo Editoriale L'Espresso SpA