AMI’s Debt Downgraded Into Selective Default Category

New York Post: American Media Inc., publisher of the National Enquirer, Star and OK!, recently restructured its debt — but Standard & Poor’s is not too impressed. The ratings agency downgraded AMI debt into the default category. AMI’s long-term debt is now rated “selective default” from its previous high junk bond rating of CCC+, S&P said last week. The company has about $412 million in long-term debt, and another $19 million on its revolver.