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S&P lowers Urban One to CCC
S&P said it downgraded the issuer credit rating on Urban One Inc. to CCC from B-.
The outlook is negative.
“The ongoing U.S. recession stemming from the spread of the coronavirus will hurt advertising over the next year. Given the shorter lead times for radio advertising, we believe radio broadcasters have already begun to feel the effect,” S&P said in a news release.
“We believe declines in radio and cable advertising will likely lead to a covenant breach in 2020. In addition, we believe refinancing risk associated with Urban One's term loan, maturing as early as January 2022, could prevent the company from obtaining a clean auditor's opinion on its 2020 financial statements.”
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