| Title: | GateHouse Media 'B+' Rating Put On CreditWatch Negative |
| Price: | $100.00 |
| Publication Date: | May 09, 2008 |
| Report Type: | News |
| Abstract: | NEW YORK (Standard&Poor's) May 9, 2008--Standard&Poor's Ratings Services today placed its ratings for GateHouse Media Operating Inc., including the 'B+' corporate credit rating, on CreditWatch with negative implications. "The CreditWatch placement reflects a deteriorating cushion in the company's total leverage covenant in its revolving credit facility," explained Standard&Poor's credit analyst Emile Courtney. GateHouse stated on its March 2008 earnings call that leverage (as measured by the revolving credit agreement) was 6.3x, versus the maximum total leverage covenant of 6.5x. While GateHouse also reported that same-store adjusted EBITDA improved by 1.4% in the March 2008 quarter, the company borrowed $22 million on its revolver to make an acquisition of a group of weekly publications in |
| Brief Excerpt: | RESEARCH Ratings Definitions GateHouse Media '##' Rating Put On CreditWatch Negative Publication date: ##-May-#### Primary Credit Analyst: Emile Courtney, CFA, New York (#) ###-###-####; emile_courtney@standardandpoors.com Secondary... |
| Word Count: | 588 |
| Ticker: | 10042Z |
| Issuer: | GateHouse Media Operating Inc. |
| GICS: | Publishing (25401040) |
| Sector: | Global Issuers, Corporations, Media & Entertainment |
| Country: | United States |
| Region: | United States |
| Format: | 
HTML
|
| Free Sample: |
Click
Here
to Download
|
Looking For Something Else?
