Moody's lowers Alpha Media

Moody's Investors Service said it downgraded Alpha Media Group Inc.'s corporate family and probability-of-default ratings to B2 from B1.

The agency also lowered the ratings on $15 million senior secured first-lien revolver due 2012, $112.6 million senior secured first-lien term loan due 2014 and $40 million senior secured second-lien term loan due 2015 to Caa1 (LGD5, 89%) from B3 (LGD5, 83%).

These actions reflect Moody's expectations that 2008 revenue and operating results are likely to be significantly lower than expectations as a result of a material decline in advertising and newsstand revenues generated by the company's Maxim and Blender publications and industry-wide trends in the magazine publishing sector, according to the agency.

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