Moody's may cut Regent

Moody's Investors Service said it placed Regent Broadcasting LLC's B3 corporate family rating under review for downgrade.

The company has a corporate family rating at B3, probability-of-default rating at Caa1 and senior secured bank credit facility at B3 (LGD3, 35%).

The review reflects continued deterioration in macroeconomic conditions, which will likely translate into meaningfully lower advertising spending, as well as expectations that Regent will face challenges complying with its leverage covenant in the first half of 2009, according to the agency.

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