Entravision Communications Corporation Announces S&P Credit Rating Upgrade
Jun 15, 2015, 08:30 ET
SANTA MONICA, Calif., June 15, 2015 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC), a diversified media company serving Latino audiences and communities, today announced that Standard & Poor's ("S&P") Ratings Services has upgraded Entravision's corporate credit rating from B+ to BB- on improved financial metrics. S&P also raised 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-. The rating outlook is stable.
S&P based the rating upgrade on the Company's reduction of its trailing-eight-quarter average debt to EBITDA to 4.1x as of March 31, 2015, from 4.4x in the year ago period, through a combination of EBITDA growth and debt repayment.
"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 Walter Ulloa, Chairman and Chief Executive Officer. "Moving forward, we will continue to execute our growth strategy with a focus on delivering returns to shareholders."
About Entravision Communications Corporation
Entravision Communications Corporation is a diversified media company with an integrated platform of solutions and services that includes television, radio, digital media and data analytics to reach Latino audiences across the United States and Latin America. Entravision has 58 primary television stations, including in 20 of the nation's top 50 Latino markets, and is the largest affiliate group of both the top-ranked Univision television network and Univision's UniMas network. Entravision also operates one of the nation's largest groups of primarily Spanish-language radio stations, consisting of 49 owned and operated radio stations, and Entravision Solutions, a national sales representation and marketing organization specializing in Spanish-language media platforms and radio networks. Entravision also offers a variety of digital media platforms and services, including digital content, digital advertising platforms, including the #1-ranked online advertising platform in Hispanic reach, according to comScore Media Metrix®, and data analytics solutions designed to maximize the opportunity for advertisers and marketers to connect with the growing Latino consumer market. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.
Forward Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
SOURCE Entravision Communications Corporation
Share this article