Research Update: Postmedia Network Inc. Downgraded To 'B' From 'B+' On Expected Weak Operating Performance Feb 12
- Language: English
- Published: February 2012
On Feb. 3, 2012, Standard & Poor's Ratings Services lowered its issue-level ratings on Toronto-based Postmedia Network Inc.'s (B/Stable/--) senior secured facilities. We lowered our issue-level rating on Postmedia's US$365 million first-lien senior secured term facility to 'BB-' (two notches above the corporate credit rating on the company) from 'BB'. We also lowered our issue-level rating on the company's US$275 million second-lien senior secured term loan to 'B-' (one notch below the corporate credit rating on Postmedia) from 'B'. The recovery ratings on the debt are unchanged. These rating actions followed our lowering of the long-term corporate credit rating on Postmedia to 'B' from 'B+'. Postmedia's debt structure includes C$700 million of senior secured debt, consisting of a C$60 million...
Companies mentioned in this report are:
- Postmedia Network Inc.
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Research Type: Full Analysis