S&P lowers Alpha Media

Standard & Poor's said it lowered its corporate credit rating, as well as its issue-level ratings, on Alpha Media Group Inc., including the corporate credit rating, which was lowered to CCC+ from B.

The outlook is negative.

The agency said that the ratings downgrade is based on the company's weak operating performance, rising debt leverage, shrinking liquidity and the difficulty that it believes Alpha Media will face over the near term in remaining in compliance with its aggressive schedule of tightening leverage covenants.

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