Moody's rates Harron notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to the proposed $225 million senior unsecured bonds of Harron Communications, LP.

Moody's also affirmed the B2 corporate family rating, upgraded the senior secured rating to B1 from B2 and the probability of default rating to B2 from B3 as a consequence of the increase in junior capital.

The company intends to use proceeds primarily to fund the redemption of the remaining 25% equity interest of BV Investment Partners and to repay a portion of its outstanding term loans, Moody's said.

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