Fitch Ratings Downgrades Univision; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. downgrades and removes Univision Communications Inc (Univision) from Rating Watch Negative. On Feb. 16, 2007, Fitch disclosed that it expected Univision's Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to be lowered to 'B' from 'BB' following the filing of debt documentation consistent with Fitch's expectations. The action incorporates a review of the final debt documentation filed yesterday by the Company. The Rating Outlook is now Stable. The company's debt structure is rated as follows: --$7.7 billion senior secured bank loans due 2014 'B+/RR3'; --3.50% senior secured notes due 2007 to 'B+/RR3' from 'BB'; --3.875% senior secured notes due 2008 to 'B+/RR3' from 'BB'; --7.85% senior secured notes due 2011 to 'B+/RR3' from 'BB'; --$500 million second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the term loan due 2009 'B-/RR5'; --$1.5 billion 9.75%/10.50% senior unsecured notes due 2015 'CCC+/RR6'. For additional information related to the ratings, please see the Feb. 16, 2007 press release titled 'Fitch Expects to Downgrade Univision IDR to 'B' on Merger Completion'. Fitch's Recovery Ratings (RR) are a relative indicator of creditor recovery prospects on a given obligation within an issuers' capital structure in the event of a default. A broad overview of Fitch's RR methodology as it relates to specific sectors can be found at www.fitchratings.com/recovery. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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