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Moody's affirms Radio One; view stable
Moody's Investors Service said it affirmed Radio One, Inc.'s Ba3 corporate family rating and changed the outlook to stable from positive following a period of prolonged weakness at the company's Los Angeles radio station.
Radio One's Ba3 corporate family rating reflects significant debt to EBITDA leverage, the agency said, and continued softness at several of its stations.
The rating also incorporates the inherent cyclicality of the advertising market, Moody's said it belief that radio is a mature business with limited growth prospects and the increasing fragmentation of advertising dollars over a growing number of media.
Affected ratings include the company's probability of default rating, affirmed Ba3, secured revolver, affirmed Ba1 (LGD 2, 25%), secured term loan, affirmed Ba1 (LGD 2, 25%), 6 3/8% senior Subordinated notes, affirmed B1 (LGD 5, 81%), and 8 7/8% senior Subordinated notes, affirmed B1 (LGD 5, 81%).
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