S&P Global Ratings on Sept. 4 placed Getty Images Inc.'s CCC issuer credit rating on CreditWatch with developing implications.
The rating agency also placed its CCC issue-level rating on the company's senior secured debt and CC issue-level ratings on Getty Images' senior unsecured debt on CreditWatch with developing implications.
The ratings action follows the Getty family's announcement that it will acquire a majority stake held by private equity firm Carlyle Group LP and resume full control of its namesake visual content company. The family also expressed its intent to refinance its debt.
According to S&P, the ratings action represents the uncertainty of the likelihood, cost and timing of the debt-refinancing effort, adding that if successfully completed, the refinancing would push out debt maturities and allow the company to continue to turn around and grow its business. The CreditWatch placement also reflects that if Getty Images fails to refinance its debt, it could turn to debt restructuring to address the company's debt maturities and high annual fixed charges.
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.