Entravision Credit Rating Upped By Standard & Poor's
June 15, 2015 at 6:24 AM (PT)
ENTRAVISION COMMUNICATIONS CORPORATION's corporate credit rating has been upgraded by STANDARD & POOR'S from B+ to BB-, and its issue-level rating on the company's $30 million senior secured revolving bank loan due 2018 and $375 million senior secured term loan B due 2020 to BB from BB-. S&P was reacting to the company's reduction of its debt-to-EBITDA ratio from 4.4x to 4.1x year-to-year as of MARCH 31st.
"We are pleased that S&P has recognized our consistent financial performance as well as our commitment to strengthening our balance sheet through debt repayments," said ENTRAVISION Chairman/CEO WALTER ULLOA. "Moving forward, we will continue to execute our growth strategy with a focus on delivering returns to shareholders."