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Recovery Report: Media General Inc.'s Recovery Rating Profile Mar 12
Standard & Poors, March 2012
We are updating our recovery analysis on U.S.-based diversified media company Media General Inc. following the revision of our recovery rating on the company's senior secured notes. The recovery rating revision to '3' from '4' reflects an improvement in our estimate of distressed asset valuations for Media General's broadcasting assets. Our simulated default scenario assumes a payment default in 2012, stemming from the failure to cure covenant violations. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings-," published Aug. 10, 2009.) Media General is the borrower under the senior secured credit facilities and the issuer of the senior secured notes. As of Sept. 28, 2011, its debt structure consisted of about $665 million of secured debt....
Companies mentioned in this report are: Media General 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
Media General Inc.