Moody’s lifts Entercom PDR

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

The Ba3 rating of the $250 million revolving credit facility due 2022 and upsized term loan B-1 due 2024 along with the B3 rating for the senior notes all issued by wholly owned subsidiary, CBS Radio Inc., were affirmed.

The outlook remains stable.

While Entercom is the surviving entity, the debt at CBS Radio was assumed and will remain outstanding as CBS Radio became a wholly owned subsidiary of Entercom.

Moody’s said Entercom's corporate family rating reflects the company's position as the second largest radio broadcaster in the United States with leading market positions in 22 of the top 25 markets.

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