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S&P lowers Cumulus Media
S&P said it lowered the corporate credit rating on Cumulus Media Inc. and Cumulus Media Holdings Inc. to D from SD (selective default).
At the same time, the agency lowered the issue-level rating on Cumulus Media Holdings' senior secured debt to D from CCC.
The D issue-level rating on Cumulus' senior unsecured debt is unchanged.
S&P said the downgrades follow Cumulus' announcement that it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on Nov. 29.
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