Moody’s reviews Diamond Sports for cut

Moody’s Investors Service said it placed Diamond Sports Group, LLC’s Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 ratings on the company’s senior secured credit facility and senior secured notes, and B2 rating on the company’s senior unsecured notes on review for downgrade. Moody’s also downgraded the company’s speculative grade liquidity rating to SGL-3 from SGL-2.

“The review for downgrade reflects the increasing risk on Diamond’s performance stemming from the suspensions of the National Basketball Association (NBA) and National Hockey League (NHL) games announced earlier this month as well as heightened risk that the Major League Baseball season-start is pushed back even further than the current mid-April date. These suspensions and delay were in response to the initial rapid outbreak of coronavirus in the U.S.,” said Moody’s in a press release.

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