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Advanstar Rating Lowered To 'CC' From 'B-' On Likelihood Of Subpar Term Loan Repurchase Dec 11
Standard & Poors, Dec 2011
Abstract
U.S. tradeshow operator and publisher Advanstar Inc. has amended its credit agreement to allow it the flexibility to repurchase its term loan at prices below face value. We are lowering our corporate credit rating on Advanstar to 'CC' with a negative outlook from 'B-'. We are also lowering our issue-level rating on the first-lien term loan to 'CC' from 'B-'. The negative rating outlook reflects that we would lower the corporate credit rating to 'SD' (selective default) upon commencement of a subpar repurchase of the term loan. CHICAGO (Standard & Poor's) Dec. 30, 2011--Standard & Poor's Ratings Services today lowered its corporate credit rating on Santa Monica, Calif.-based Advanstar Inc. to 'CC' from 'B-'. The outlook is negative. At the...
Companies mentioned in this report are: Advanstar Inc.,Advanstar Communications Inc.
Action: Downgraded
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.
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