Moody's lowers LBI

Moody's Investors Service said it downgraded LBI Media, Inc.'s corporate family rating and its probability of default rating to B2 from B1.

In addition, Moody's said it downgraded the company's $270 million senior secured credit facility, consisting of a $150 million revolving credit facility due 2012 and $120 million term loan facility due 2012, to Ba2 from Ba1 and the company's $229 million senior Subordinated notes due 2017 to B3 from B2.

The outlook is stable.

Moody's added that the ratings downgrade reflects the company's weaker than expected operating performance, particularly at the company's television stations, which has resulted in weaker than expected credit metrics.

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