Research Update: Nielsen Holdings N.V. Upgraded To 'BB' Due To Credit Agreement Amendment And Leverage Declines Jan 12

Standard & Poors, January 2012

Abstract
U.S. media research company Nielsen is amending its credit agreement and pushing out the maturity of the vast majority of its term loans due 2013 maturities to 2017. The company's third-quarter EBITDA growth exceeded our expectations and we believe the company's leverage will be at or below 4.75x soon. We are raising our corporate credit rating on Nielsen to 'BB' from 'BB-' and assigning a 'BB+' rating to the new $1.25 billion senior secured term loan A due 2017. The outlook is stable, reflecting our expectation that the company's leverage will continue to gradually improve and that it will at least maintain its current market positions in key businesses. (Watch the related CreditMatters TV segment titled, "Nielsen Holdings: Improving Maturity...

Companies mentioned in this report are: Nielsen Holdings N.V.,The Nielsen Co. B.V.,Nielsen Finance LLC,Nielsen Finance Co.
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Nielsen Holdings N.V.,The Nielsen Co. B.V.,Nielsen Finance LLC,Nielsen Finance Co.

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