Moody's upgrades Belo

Moody's Investors Service said it upgraded Belo Corp.'s corporate family rating and probability of default rating each to Ba2 from Ba3.

Moody's also upgraded the company's $250 million 6¾% notes, $200 million 7¾% senior debentures and $250 million 7¼% debentures each to Ba3, LGD5-70% from B1, LGD5- 72%.

The outlook was changed to stable from positive.

Moody's said the upgrades reflect the company's improved operating performance and credit metrics as well as management's stated strategy to reduce leverage.

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