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Moody's cuts Entravision
Moody's Investors Service said it downgraded Entravision Communications Corp.'s corporate family and probability of default ratings to B2 from B1.
Moody's also downgraded the ratings on the senior secured first-lien notes due 2017 to B2, LGD4-50% from B1, LGD4-51%.
The outlook is stable.
The downgrades reflect revenue and EBITDA declines for the TV and radio stations resulting in sustained high debt-to-EBITDA ratios and minimal cushion to financial covenants under its revolver agreement, Moody's said.
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