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Recovery Report: NextMedia Operating Inc.'s Recovery Rating Profile
Standard & Poors, May 2011
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: Full Analysis
Standard & Poor's Ratings Services is updating its recovery analysis on U.S. outdoor advertising and radio broadcaster NextMedia Operating Inc. as part of its ongoing surveillance. The issue and recovery ratings on the company's senior secured term loan B remain unchanged. Our simulated default scenario contemplates a default in 2014, due to discretionary cash flow deficits primarily resulting from an economic downturn that leads to a reduction in advertising revenue. Our default scenario assumes that NextMedia would reorganize or sell its valuable assets in the event of a default. The company's $145 million senior secured credit facilities consist of a $10 million first-out revolver due 2015 (unrated) and a $135 million term B due 2016. NextMedia Operating Inc. is the...
Companies mentioned in this report are: NextMedia Operating Inc.
NextMedia Operating Inc.