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.
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