Getty Images

S&P Global Ratings has lowered Getty Images’ rating from CCC+ to CCC and placed all ratings on CreditWatch with negative implications after the company missed an interest payment on senior unsecured notes. S&P also cut secured liabilities to CCC+ and warned that failure to make the payment within a 30‑day grace period could lead to further downgrades to SD/D. Getty Images reported about $51 million in cash and drew $30 million from a revolving credit facility after the quarter end; the ratings agency is now reviewing the announced balance‑sheet management and financing measures. » More on de.investing.com

Moody's cut Getty Images' Corporate Family Rating from Caa1 to Caa3 and downgraded the Probability of Default Rating accordingly after Getty deferred interest payments on unsecured bonds by using a 30‑day grace period. The agency also lowered ratings for secured and unsecured debt; two bonds were downgraded to Ca. Moody's attributes the liquidity weakening to a $110.9m litigation payment, about $100m of merger costs, negative free cash flow of $123m and available cash of $52m at quarter‑end. A fully drawn revolver and a staggered provision that can trigger accelerated maturities, Moody's says, increase pressure on the capital restructuring and negotiations with creditors. » More on de.investing.com

Getty Images has expanded its partnership with Penske Media Corporation and will hold exclusive distribution rights for Dick Clark Productions’ entertainment archive on gettyimages.com. The archive includes more than seven decades of photo and video material, including the Golden Globes, American Music Awards, Billboard Music Awards, American Bandstand and New Year’s Rockin’ Eve, as well as historic Times Square ball drops. New live-event content will be added continuously; a separate request process is in place for special licenses or pricing. » More on de.investing.com