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S&P downgrades Time Inc.

S&P Global Ratings on Dec. 22 downgraded its corporate credit rating on Time Inc. to B+ from BB-.

The outlook is negative. The rating agency also lowered its issue-level rating on the company's senior secured credit facility to BB from BB+, while the issue-level rating on the company's senior unsecured notes was downgraded to B from BB-. S&P also removed the issue ratings from under criteria observation.

The downgrade mainly reflects the agency's forecast that Time Inc.'s leverage reduction and operating performance will be "meaningfully below our previous expectations."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.