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S&P assigns issuer credit rating to Allen Media

S&P Global Ratings on Aug. 8 assigned its B issuer credit rating to Allen Media LLC, which offers news and information broadcasting services.

The rating agency also assigned its B issue-level rating to the company's $500 million senior secured first-lien term loan.

The ratings outlook is stable, reflecting S&P's expectation that Allen Media will cut leverage to below 4.5x in 2019 and maintain leverage below that on a sustained basis while generating free operating cash flow in excess of $30 million.

Moody's recently assigned a B2 corporate family rating and B3-PD probability of default rating to Allen Media.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.