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S&P lowers Playboy
Standard & Poor's said it lowered its corporate credit rating on Playboy Enterprises Inc. to CCC+ from B- and removed the rating from CreditWatch, where it was placed with negative implications on Jan. 30.
The outlook is developing.
In addition, S&P lowered its issue-level rating on the senior secured debt to B- in accordance with its notching criteria for a 2 recovery rating. The 2 recovery rating indicates S&P's expectation for substantial (70% to 90%) recovery for lenders in the event of a payment default.
"The downgrade reflects our expectation that the company will likely violate its minimum EBITDA covenant on June 30, 2013," said S&P credit analyst Daniel Haines in a news release.
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