Moody's cuts Granite notes, affirms ratings

Moody's Investors Service said it downgraded Granite Broadcasting Corp.'s $400 million of 9.75% senior secured notes due 2010 to Caa1 from B3.

Additionally, Moody's said it affirmed the company's existing ratings, including its Caa2 corporate family rating.

The outlook remains negative.

Moody's said the downgrade to Caa1 is prompted by Moody's belief that the company's precarious liquidity situation may depress the valuation of the company's portfolio of middle market television stations, providing a reduced cushion to senior secured bondholders in a distress scenario.

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