Research Update: Classified Directories Publisher hibu Downgraded To 'CC' On Announcement Of Payment Suspension; Outlook Negative Oct 12
- Language: English
- Published: October 2012
The ratings on U.K.-based classified directories publisher hibu PLC (hibu) reflect the company's decision to suspend its upcoming payments on outstanding 2009 facility. This is in the context of ongoing negotiations for the approval of a consensual financial restructuring agreement by stakeholders involved, as the company is in the process of restructuring its balance sheet. The ratings also reflect Standard & Poor's Ratings Services' opinion of the group's "weak" business risk profile, as defined under our criteria. The group's high debt leverage and declining operating cash flow underpin our view of hibu's financial profile as highly leveraged. A key constraint on the rating is the limited visibility surrounding the timing and level of the inflexion point in hibu's revenues and...
Companies mentioned in this report are:
- hibu PLC
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