Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3' - S&P Global Ratings’ Credit Research

Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3'

Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3' - S&P Global Ratings’ Credit Research
Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3'
Published Mar 14, 2018
4 pages (1321 words) — Published Mar 14, 2018
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) March 14, 2018--S&P Global Ratings today lowered its issue-level rating on the senior unsecured notes of Liberty Interactive LLC to 'BB-' from 'BB' and revised the recovery rating to '5' from '3', consistent with our previous expectations for the GCI Communications (GCI) transaction. The '5' recovery rating reflects our expectation for modest (10% to 30%; rounded estimate 15%) recovery in the event of a default. At the same time, we removed the unsecured debt ratings on Liberty Interactive LLC from CreditWatch, where we placed them with negative implications on April 4, 2017. The downgrade of the unsecured notes follows the completion of the GCI acquisition by Liberty Interactive Corp., parent of Liberty Interactive LLC. Liberty

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) March 14, 2018--S&P Global Ratings today lowered its issue-level rating on the senior unsecured notes of Liberty Interactive LLC to '##-' from '##' and revised the recovery rating to '5' from '3', consistent with our previous expectations for the GCI Communications (GCI) transaction. The '5' recovery rating reflects our expectation for modest (10% to 30%; rounded estimate 15%) recovery in the event of a default. At the same time, we removed the unsecured debt ratings on Liberty Interactive LLC from CreditWatch, where we placed them with negative implications on April 4, 2017. The downgrade of the unsecured notes follows the completion of the GCI acquisition by Liberty Interactive Corp., parent of Liberty Interactive LLC. Liberty Interactive contributed a majority of its equity investment securities held under Liberty Ventures to GCI, which was subsequently split-off into an independent publicly-traded company. This led to a reduction in collateral available...

  
Report Type:

Ratings Action

Ticker
733237Z
Issuer
Liberty Interactive Corp.
GICS
Broadcasting & Cable TV (25401020)
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3'" Mar 14, 2018. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Liberty-Interactive-Senior-Unsecured-Notes-Downgraded-To-BB-From-BB-Recovery-Revised-To-5-From-3-2006290>
  
APA:
S&P Global Ratings’ Credit Research. (). Liberty Interactive Senior Unsecured Notes Downgraded To 'BB-' From 'BB', Recovery Revised To '5' From '3' Mar 14, 2018. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Liberty-Interactive-Senior-Unsecured-Notes-Downgraded-To-BB-From-BB-Recovery-Revised-To-5-From-3-2006290>
  
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