S&P changes Urban One to negative

S&P said it revised its outlook on Urban One Inc. to negative from stable and affirmed the B- corporate credit rating on the company.

The agency also affirmed the B issue-level rating on the company's $350 million senior secured notes. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default.

In addition, the agency affirmed the CCC issue-level rating on the company's $335 million senior subordinated notes. The recovery rating remains 6, indicating negligible (0%-10%; rounded estimate: 0%) recovery.

S&P said the revision reflects the refinancing risks associated with its senior subordinated notes due February 2020 and the springing maturity that makes its term loan due as early as November 2019 if the senior subordinated notes are not refinanced or extended before that date.

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