Moody’s changes Wenner Media to stable

Moody's Investors Service said it affirmed Wenner Media LLC's B3 corporate family rating and Caa1-PD probability of default rating, and revised the outlook to stable from positive.

Moody’s said the outlook revision reflects its current view that despite Wenner's success in deleveraging the balance sheet, total debt to EBITDA will stay in a range of 3 times to 4 times (Moody's adjusted) over the rating horizon and likely not decline below the 2.5 times upgrade trigger. EBITDA has progressed below the agency’s expectation, impacted by two unforeseen events that occurred after Moody's changed the outlook to positive in April 2014.

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