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S&P lowers Advanstar
Standard & Poor's said it lowered its corporate credit and issue-level ratings on Advanstar Inc.
The agency said it lowered the corporate credit rating to CCC from B-.
The outlook is negative.
The agency said it also lowered the issue-level ratings on subsidiary Advanstar Communications Inc.'s $515 million first-lien facility to CCC from B-. At the same time, the agency said it revised the recovery rating on this debt to 4 from 3.
At the same time, the agency said it lowered the issue-level ratings on Advanstar Communications' $260 million second-lien term facility to CC from CCC. The recovery rating is unchanged at 6.
"The rating actions reflect Advanstar's weak operating performance, thin interest coverage, and modest liquidity," explained credit analyst Tulip Lim.
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