Moody's ups Cumulus, rates loans Ba2

Moody's Investors Service said it upgraded all long-term ratings of Cumulus Media Inc. by one notch and assigned Ba2 ratings to Cumulus' new $700 million in senior secured revolving credit facility due 2012 and to the new $350 million senior secured term loan facility due 2012.

The outlook is stable.

Moody's said the upgrades of the senior implied rating to Ba2 from Ba3 and the senior unsecured issuer rating to B1 from B2 are based on the company's improving credit profile and operating performance. The agency said it is withdrawing current Ba3 ratings on the existing senior secured credit facilities.

Proceeds will be used to refinance existing senior secured credit facilities, the agency added.

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