Kurse + Charts + RealtimeNews + AnalysenFundamentalUnternehmenzugeh. WertpapiereAktion
Kurs + ChartChart (groß)NewsBilanz/GuVDividende/HVZertifikateDepot/Watchlist
Times + SalesChart-AnalyseAnalysenSchätzungenTermineOptionsscheinemyHome
BörsenplätzeChartvergleichKursziele ProfilKnock-OutsSenden/Drucken
OrderbuchRealtime Stuttgart  InsidertradesFonds 
HistorischRealtime PushmyNews im ForumAnleihen
Kaufen
Verkaufen

10.12.2012 17:03

Senden

AMC Networks Inc. -- Moody's assigns B1 rating to AMC Network's (Ba3 CFR) new notes; upgrades secured bank debt and existing notes ratings to Ba1 and B1, respectively

The Dolan zu myNews hinzufügen Was ist das?


New York, December 10, 2012 -- Moody's Investors Service assigned a B1 (LGD5, 76%) rating to AMC Network Inc.'s (AMC) (Ba3 Corporate Family Rating) new $600 million senior unsecured notes due 2022, the net proceeds of which will be applied towards the repayment of its existing $588 million senior secured Term Loan B due 2018. The new notes are expected to be pari passu with the existing unsecured notes. As a result of the change in debt structure, including refinancing secured debt with unsecured debt, the company's senior secured bank debt was upgraded to Ba1 (LGD2, 20%) from Ba2, and the existing senior unsecured notes were upgraded to B1 (LGD5, 76%) from B2. The company's Ba3 CFR, Ba3 PDR (Probability of Default Rating), and SGL-2 Speculative Grade Liquidity rating remain unchanged. The rating outlook is positive.

The change in the company's debt mix towards a higher proportion of unsecured debt led to an upgrade of its existing debt instruments. The company's remaining senior secured bank debt was upgraded to Ba1 as a result of the lower amount of secured bank debt and an increase in cushion provided by a higher amount junior ranked debt. In addition, the existing senior unsecured notes were upgraded to B1 because the overall recovery rate for this class of debt would likely be higher despite the increase in unsecured debt as there would be less senior debt with a first priority claim on the company's assets. As the company continues to reduce debt through repayment of its Term Loan A ($880 million outstanding as of November 7, 2012), the amount and percent of senior secured debt is expected to continue to decline.

The following is a summary of today's rating actions:

Assignments:

Issuer: AMC Networks, Inc.

.$600 million Sr. Unsecured Notes due 2022, Assigned B1 (LGD5, 76%)

Upgrades:

Issuer: AMC Networks, Inc.

.$500 million Sr. Secured Revolver due 2016, Upgraded to Ba1 (LGD2, 20%) from Ba2 (LGD3, 36%)

.$880 million Sr. Secured Term Loan A due 2017, Upgraded to Ba1 (LGD2, 20%) from Ba2 (LGD3, 36%)

.$700 million Sr. Unsecured Notes due 2021, Upgraded to B1 (LGD5, 76%) from B2 (LGD5, 89%)

RATINGS RATIONALE

AMC's Ba3 Corporate Family Rating reflects the company's positive and reliable free cash flow generation, aided by the contractual nature of over 50% of the company's revenue which is generated by carriage fees from pay TV providers. The rating is also impacted by AMC's relatively high, but moderating leverage of approximately 4.85x (incorporating Moody's standard adjustments, pro-forma for debt pay down in November 2012) at 9/30/2012. Moody's anticipates that the company will use free cash flow to pay down debt, and we expect leverage will decline to under 4.0x by the end of 2013. The rating incorporates the risk associated with customer and revenue concentration (approximately 50% from its AMC Network) and a highly competitive environment in which programming drives viewership and advertising revenues. It is also somewhat impacted by event risk concerns as the company's controlling owner, the Dolan family, has historically been comfortable with leveraging and transformative events. These risks remain balanced, however, by the company's desirable and well distributed cable networks which Moody's estimates could draw interest from strategic buyers in the double digit multiple range. The company also has a strong liquidity profile, as Moody's projects that it will generate over $200 million of annual free cash flow on average over the intermediate-term and will maintain a largely undrawn revolver of $500 million.

The positive rating outlook reflects our expectation for continued strong operating performance of the core networks (AMC, WE tv, IFC and Sundance Channel), and that strong free cash flow generation in addition to a portion of expected litigation settlement proceeds are used to repay debt. We anticipate the company will materially reduce leverage over the next 18-24 months and continue to maintain a solid liquidity profile.

An upgrade of the company's CFR could occur if management demonstrated and made a commitment to a less volatile and more fiscally conservative capital structure on a sustained basis. The rating could be upgraded if debt-to-EBITDA leverage is sustained at or below 3.5x.

The rating could be downgraded if management applies cash to fund returns to equity investors instead of reducing leverage. In addition, a view that values were materially diminishing for cable networks and/or any potential damage to the AMC brand, in particular, or a more constrained liquidity profile, could also put downward pressure on the company's ratings.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The principal methodology used in rating AMC was the Global Broadcast and Advertising Related Industries Methodology published in May 2012. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

With its headquarters in New York, New York, AMC Networks, Inc. ("AMC) supplies television programming to cable, direct broadcast satellite and telecommunications service providers throughout the United States. The company predominantly operates four entertainment programming networks - AMC, WE tv, IFC and Sundance Channel.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Neil Begley Senior Vice President Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653John Diaz MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Kommentare zu diesem Artikel

Geben Sie jetzt einen Kommentar zu diesem Artikel ab.
Kommentar hinzufügen
  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • Sprache:
  • Alle
  • DE
  • EN
  • Sortieren:
  • Datum
  • meistgelesen
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu The Dolan Co

mehr
  • Alle
  • Buy
  • Hold
  • Sell
Keine Analysen gefunden.

AKTIEN IN DIESEM ARTIKEL

ANZEIGE

Private Krankenversicherung Tarifvergleich

Anzeige

Meistgelesene The Dolan News 1M

Keine Nachrichten gefunden.
Weitere The Dolan News

The Dolan Peer Group News

Keine Nachrichten gefunden.

ANZEIGE

Die 5 beliebtesten Top-Rankings






Schleswig-Holsteins Ministerpräsident Albig hat mit einer Forderung nach einer Sonderabgabe für Straßen für Aufsehen gesorgt.
Wenn so endlich die deutschen Straßen und Brücken saniert werden, wäre eine solche Abgabe zu unterstützen.
Die Regierung sollte endlich lernen, mit den bestehenden Einnahmen auszukommen.
Eine solche Abgabe berücksichtig weder den Umfang der Straßennutzung noch die finanzielle Situation des einzelnen Autofahrers und wäre deshalb ungerecht.
Abstimmen