NEW YORK (S&P Global Ratings) June 4, 2020--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Univision Communications Inc.'s proposed senior secured notes due 2027. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. The company plans to use the proceeds from these notes to repay its existing 5.125% senior notes due 2023 ($1.2 billion currently outstanding). Our 'B' issuer credit rating and stable outlook on Univision remain unchanged because the proposed transaction will not affect its net leverage. For the complete issuer credit rating rationale, please see our most recent full analysis on Univision, published May 4, 2020, on RatingsDirect.
