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S&P: ContextMedia to negative
S&P said it revised the outlook on ContextMedia Health LLC to negative from stable and affirmed the B- corporate credit rating.
The agency also affirmed the B- issue-level ratings on the company's senior secured $325 million term loan B and $50 million revolving credit facility. The 3 recovery ratings remain, indicating expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.
“The outlook revision reflects our expectation that ContextMedia's free operating cash flow (FOCF) will remain negative in 2018 due to increased operating costs as the company invests in the business at a faster pace than revenue growth is being realized,” S&P said in a news release.
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