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Recovery Report: The Nielsen Co. Recovery Rating Profile Oct 10
Standard & Poors, Oct 2010
Abstract
We are updating our recovery analysis on New York, N.Y. -based The Nielsen Co. B.V. to reflect the company's new $750 million senior unsecured note issuance at Nielsen Finance LLC and Nielsen Finance Co. Our simulated default scenario contemplates a default in 2014 due to a fundamental shift in the competitive landscape resulting from the proliferation of media outlets and increased audience fragmentation. Our recovery analysis assumes that unsecured noteholder recoveries benefit from their pari passu claim on the unpledged foreign subsidiary stock. On Sept. 30, 2010, Nielsen Finance LLC and Nielsen Finance Co. issued $750 million of 7.75% senior unsecured notes due 2018 to redeem a portion of the company's 10% senior notes due 2014. The new notes will...
Companies mentioned in this report are: The Nielsen Co. B.V.,Nielsen Finance LLC,Nielsen Finance Co.
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
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