EMI ratings cut to 'B+' on private equity bid - S&P |
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Published
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Tue, 22 May 2007 16:08
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has lowered EMI Group PLC's corporate credit and senior unsecured debt ratings to 'B+' from 'BB-', following news of a recommended cash offer for the UK-based music group by Terra Firma's Maltby Ltd.S&P said: 'weak operating fundamentals in EMI's recorded music business, regulatory risks associated with a combination with any other music major, and the existing high debt burden and cash constraints of EMI's ongoing cost restructuring program, make it unlikely that the company's credit quality will be compatible with a 'BB-' long-term rating in the near term.'The rating agency also lowered the senior unsecured debt ratings on related entities Capitol Records Inc and EMI Group Finance (Jersey) Ltd to 'B+' from 'BB-' and said all long-term ratings on EMI and related entities remain on CreditWatch with negative implications.tfn.newsdesk@thomson.comrku/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Compass long-term ratings affirmed at 'Baa2' with negative outlook - Moody's 