CHICAGO (S&P Global Ratings) Aug. 18, 2022--S&P Global Ratings today said that its 'B+' issue-level rating and '3' recovery rating on Univision Communications Inc.'s (B+/Stable/--) senior secured notes due 2030 are unchanged following the company's proposed $300 million add-on. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. We expect that Univision will use the proceeds from the add-on to repay the outstanding borrowings under its existing term loan. The stable outlook reflects our expectation that the company's leverage will decline to the low-6x area in 2022, from the mid-7x area in 2021, because of the synergy benefits from its merger with Televisa and an improving operating performance.
