Research Update: GCI Inc. Outlook Revised To Negative From Stable; 'BB-' Rating Affirmed; Senior Unsecured Debt Rating Lowered Nov 12
- Language: English
- Published: November 2012
On May 9, 2008, Standard & Poor's Rating Services lowered its issue level rating on GCI Inc.'s senior unsecured debt to 'B' (two notches below the 'BB-'corporate credit rating) from 'B+' and revised its recovery rating to '6' from '5', indicating expectations for negligible (0% to 10%) recovery in the event of payment default. The recovery rating revision reflects the increase in secured debt following the company's $145 million tack-on term loan, which reduces recovery prospects for GCI's senior unsecured debt. (For the complete corporate credit rating, please see "GCI Senior Unsecured Debt Rating Lowered To 'B', Recovery Rating Revised To '6'" published earlier today on RatingsDirect.) Our simulated default scenario envisions: Lower revenue and EBITDA as a result of...
Companies mentioned in this report are: GCI Inc.,Alaska Communications Systems Holdings Inc.
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Research Type: Full Analysis
GCI Inc.,Alaska Communications Systems Holdings Inc.