S&P changes ION Media view

S&P said it revised the outlook on ION Media Networks Inc. to positive from stable and affirmed the B+ corporate credit rating.

The agency also affirmed the B+ issue-level ratings on ION's $75 million five-year senior secured revolving credit facility and $1.12 billion senior secured term loan B due 2020. The 3 recovery ratings remain, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) of principal for lenders in the event of a payment default.

“The outlook revision reflects our revised assessment of the company's business risk profile, based on its improved operating performance so far this year,” S&P said in a news release.

Over the past year, the company has reported steady primetime ratings and advertising revenue growth, as well as improvements in its operating margin, the agency explained.

© 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.