Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Advanstar Inc. > News item |
S&P lowers Advanstar to CC
Standard & Poor's said it lowered its corporate credit rating on Advanstar Inc. to CC from B-. The outlook is negative.
At the same time, the agency said it lowered its issue-level rating on Advanstar Communications Inc.'s first-lien term loan due 2014 to CC. The recovery rating on this debt remains unchanged at 4, indicating an expectation of average recovery for lenders in the event of a payment default.
"The downgrade reflects our view that the company's recent amendment, which allows for subpar repurchases of its term debt, suggests a high probability of a subpar buyback," said S&P credit analyst Daniel Haines in a news release. "Furthermore, the term loan is trading at a significant discount to its par value, which provides the company an economic incentive to pursue a subpar buyback."
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.