Moody's drops Citadel probability of default

Moody's Investors Service said it downgraded Citadel Broadcasting Corp.'s probability of default rating to D from Ca, affirmed its Caa3 corporate family rating and affirmed the Caa3 rating of the company's senior secured credit facility following the announcement that Citadel has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Citadel's Caa3 rating incorporates Moody's fundamental valuation of Citadel's assets and expectation of an above average family recovery at 65%, the agency added.

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