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S&P puts Inter Media on watch
S&P said it placed its B ratings on Inter Media and Communication SpA and its senior secured notes on CreditWatch with negative implications.
“Following nonpayments from its main shirt sponsor Zytara Labs LLC (DigitalBits) amid the recent downturn in the cryptocurrency sector, we expect that Inter Media and Communication SpA (MediaCo) could have materially lower sponsorship cashflows absent an appropriate replacement, which could materially weaken its debt-servicing ability,” the agency said in a press release.
S&P said it plans to resolve the CreditWatch over the next three months and warned it could downgrade the issuer unless it finds sponsorship contracts with similar terms to replace DigitalBits.
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