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Moody’s drops Emmis, facilities to B3
Moody's Investors Service said it downgraded Emmis Operating Co.’s corporate family rating to B3 from B2 due to the expected decline in revenue from the company's KPWR-FM station in Los Angeles as a result of a new direct competitor to this station and the loss of key talent to the competitor.
The agency also downgraded the senior secured credit facilities to B3 from B2, the probability of default rating to Caa1-PD from B3-PD and the speculative grade liquidity rating to SGL-3 from SGL-2.
The outlook is stable.
On April 21, Emmis announced plans to amend its credit agreement to include the relaxation of its total leverage maintenance covenants through Feb. 28, 2017, which will provide an acceptable EBITDA cushion over this period absent greater than expected revenue losses in Los Angeles or other key markets.
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