Moody's: Limited default for Radio One

Moody's Investors Service said it repositioned Radio One Inc.'s probability of default rating to Caa2/Limited Default, from Caa2 following expiration of the 30-day grace period under the indenture governing the company's 6.375% senior subordinated notes due 2013.

The August interest payment was not made in accordance with the scheduled terms, and Moody's said it treats the failure to meet the original contractual terms as a limited default.

The company's Caa1 corporate family rating, B2 rating (LGD 2, 17%) on its $400 million existing senior secured revolving facility and the B2 rating (LGD 2, 17%) on its $31.6 million existing first-lien term loan remain on review for possible downgrade.

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