S&P lifts Hubbard Radio, rates loan B-

S&P said it raised its issuer credit rating on Hubbard Radio LLC to B- from CCC+ because S&P no longer believes Hubbard’s capital structure is unsustainable.

At the same time, S&P assigned a B- issue-level rating and 3 recovery rating to the proposed $207 million senior secured term loan. The outlook is stable.

“The stable outlook reflects our expectation that Hubbard will maintain adequate liquidity and use its positive FOCF to continue reducing its outstanding debt. This is despite our forecast that the company’s S&P Global Ratings-adjusted gross leverage will remain elevated at 5.8x in 2024 because the rise in its digital advertising will be largely offset by secular declines in broadcast radio advertising,” S&P said in a news release.

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