Moody's downgrades Entercom

Moody's Investors Service said it downgraded Entercom Communications Corp.'s corporate family rating to B2 from B1 and the probability of default rating to B2-PD from B1-PD.

Also, Moody's downgraded the senior secured second-lien notes issued by wholly owned subsidiary, Entercom Media Corp. to B3 from B2 and the senior unsecured notes to Caa1 from B3, while the senior secured credit facility was affirmed at Ba3.

The agency changed the outlook to negative from stable.

The downgrade and negative outlook reflect the impact of the coronavirus outbreak on the economy, which Moody's expects will hurt radio advertising revenue in the near term and lead to higher leverage levels and a deterioration in Entercom's liquidity position, Moody’s said.

The agency lowered the speculative grade liquidity rating to SGL-3 from SGL-2.

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