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S&P Credit Research1956 word report
published Nov 04, 2009
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S&P Credit Research
| Abstract: | Dallas, Texas-based TV broadcaster Belo is planning to issue $250 million to $275 million of senior notes carrying subordinated guarantees from its subsidiaries to reduce its revolving credit facility borrowings. We are affirming our 'B+' corporate credit rating on the company and assigning a 'B+' issue-level rating to the proposed notes, with a recovery rating of '3'. We are also revising the recovery rating on Belo's existing senior unsecured debt to '6' from '5', and lowering the issue-level rating to 'B-' from 'B'. The stable outlook reflects our view that the company will be able to keep its financial metrics at a level appropriate for the 'B+' rating through the bottom of the cycle. On Nov. 4, 2009, Standard&
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Belo Corp.'s Proposed Senior Unsecured Notes Rated 'B+' (Recovery Rating: 3); Other Actions Taken Publication date: 04-Nov-2009 Primary Credit Analyst: Deborah Kinzer, New York (1) 212-438-5229;...
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| Report Type: | Research Update
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| Ticker: | BLC
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| Issuer: | Belo Corp.
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| GICS: | Broadcasting & Cable TV (25401020)
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| Sector: | Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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- Belo Corp's Proposed Senior Unsecured Notes Rated 'B+' (Recovery Rating: 3); Other Actions Taken $100.00
Dallas, Texas-based TV broadcaster Belo is planning to issue $250 million to $275 million of senior notes carrying subordinated guarantees from its subsidiaries to reduce its revolving credit facility borrowings. We are affirming our 'B+' corporate ...
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Deteriorating operating performance resulting from significant declines in advertising revenue, despite cost-cutting efforts, has caused Belo's leverage metrics to worsen. We are concerned that Belo could violate its financial covenants in ...
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Strong station portfolio concentrated in larger TV markets and diversified among network affiliations; Ranked first or second in audience share in most of its markets; and Good cash flow and high EBITDA margin relative to peers. TV advertising's ...
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Standard&Poor's Ratings Services' downgrade of the Belo Corp. ratings to 'BB-' from 'BB' reflects our concern about weakening prospects for the company's revenue and EBITDA during the recession, coupled with the probability that the company ...
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NEW YORK (Standard&Poor's) Jan. 29, 2009--Standard&Poor's Ratings Services today lowered its corporate credit and issue-level ratings on Dallas, Texas-based Belo Corp. The corporate credit rating was lowered to 'BB-' from 'BB', and the rating ...
