S&P drops Regent

Standard & Poor's said it lowered its corporate credit rating on Regent Communications Inc. to D from CCC, reflecting the company's failure to make its scheduled Dec. 31 principal and interest payments on its secured debt.

At the same time, the agency said it lowered the issue-level rating on the secured debt of subsidiary Regent Broadcasting LLC to D from CCC. The recovery rating on these notes remains unchanged at 3.

According to S&P, the company has been in violation of its leverage covenants since March 31, 2009 and has been in negotiations with lenders after receiving a notice of "specified default" under its credit agreement.

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