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Moody's downgrades ION
Moody's Investors Service said it downgraded ION Media Networks Inc.'s corporate family rating to Caa3 from Caa1 and probability-of-default rating to Ca from Caa1.
The agency also lowered floating-rate first-priority senior secured notes due Jan. 15, 2012 to B2 (LGD1, 7%) from B1 (LGD2, 16%) and floating-rate second-priority senior secured notes due Jan. 15, 2013 to Caa3 (LGD3, 32%) from Caa1 (LGD4, 53%).
The outlook is negative.
The downgrade reflects the company's weak operating performance during the first half of 2008 and heightened concerns that it will face continued revenue deterioration due to the high probability of a further weakening in the U.S. economy, according to the agency.
ION's strategy of increasing its advertising revenue faces considerable risk in the current weak advertising climate, the agency added.
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