MUMBAI (Thomson Financial) - Moody's Investors Service said it cut Citadel
Broadcasting Corp.'s corporate family rating and probability of default rating
to 'B1' from 'Ba3', and said the company's ratings remain on review for further
possible downgrade.
Moody's also downgraded the company's senior secured credit facility to 'B1'
from 'Ba3' and speculative grade liquidity rating to 'SGL-3' from 'SGL-1'.
The downgrade was prompted by an on-going weakness in the company's
operating performance as its revenue and EBITDA have been pressured by internal
operating challenges and an increasingly difficult economic and radio
advertising environment, Moody's said.
TFN.newsdesk@thomson.com
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