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Advanstar Inc. Jan 12
Standard & Poors, Jan 2012
Abstract
Solid competitive positions of the company's niche trade shows. High leverage; Weak long-term fundamentals of publications; and Fashion industry concentration. The rating on Santa Monica, Calif.-based Advanstar Inc. reflects the likelihood that the company will do a subpar repurchase of its term debt, which Standard & Poor's Ratings Services would view as tantamount to default under our criteria. We expect Advanstar to maintain positive discretionary cash flow, although leverage will still remain extremely high. Our rating also incorporates our expectation that the business will remain susceptible to economic downturns and that unfavorable secular trends will continue to pressure the publishing business. These factors underpin our view of Advanstar's business risk profile as 'weak,' based on our criteria, and our expectation...
Companies mentioned in this report are: Advanstar Inc.
Action: Review
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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