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Research Update: Warner Music Group Corp. 'B+' Rating On Watch Negative After Agreement To Buy Parlophone Label Group Feb 13 Product Image

Research Update: Warner Music Group Corp. 'B+' Rating On Watch Negative After Agreement To Buy Parlophone Label Group Feb 13

  • Published: February 2013
  • Standard & Poors

FEATURED COMPANIES

  • Warner Music Group Corp.
  • WMG Acquisition Corp.
  • WMG Holdings Corp.
  • MORE

Abstract
New York City-based recorded music and music publishing company Warner Music Group Corp. has entered into a definitive agreement to acquire U.K.-based Parlophone Label Group from Universal Music Group. We expect that Warner Music Group's adjusted debt leverage (excluding potential synergies) will remain in the mid-6x area pro forma for the transaction. We are placing our 'B+' corporate credit rating on Warner Music Group on CreditWatch with negative implications. The CreditWatch listing reflects the potential for increased leverage and the risk that the company will not meaningfully reduce leverage in the coming year. On Feb. 11, 2013, Standard & Poor's Ratings Services placed its ratings on New York City-based recorded music and music publishing company Warner Music Group (WMG) on...

Companies mentioned in this report are:
- Warner Music Group Corp.
- WMG Holdings Corp.
- WMG Acquisition Corp.

Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

- Warner Music Group Corp.
- WMG Holdings Corp.
- WMG Acquisition Corp.

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