NEW YORK (S&P Global Ratings) April 21, 2020--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Univision Communications Inc.'s proposed $360 million senior secured notes due 2025. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. Univision plans to use the proceeds from these notes to repay its existing 6.75% senior notes due 2022 ($358 million outstanding). Our 'B' issuer credit rating and stable outlook on the company remain unchanged because the proposed transaction will not affect its net leverage. We expect the current U.S. recession, stemming from the spread of the coronavirus, to reduce Univision's advertising revenue (57% of revenue)
