| Title: | Research Update: GateHouse Media 'B+' Rating Placed On Watch Negative |
| Price: | $175.00 |
| Publication Date: | May 09, 2008 |
| Report Type: | Research Update |
| Abstract: | On May 9, 2008, Standard&Poor's Ratings Services 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. 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 Delaware, thereby leading to increased debt levels and a thinning covenant cushion |
| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: GateHouse Media '##' Rating Placed On Watch Negative Publication date: ##-May-#### Primary Credit Analyst: Emile Courtney, CFA, New York (#) ###-###-####; emile_courtney@standardandpoors.com... |
| Word Count: | 605 |
| Ticker: | 10042Z |
| Issuer: | GateHouse Media Operating Inc. |
| GICS: | Publishing (25401040) |
| Sector: | Global Issuers, Corporations, Media & Entertainment |
| Country: | United States |
| Region: | United States |
| Format: | 
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