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Moody’s upgrades LBI notes to B3
Moody's Investors Service said it affirmed LBI Media, Inc.'s Caa2 corporate family rating based on improving operating performance supported by reduced TV segment losses and growth in radio segment EBITDA.
The agency also upgraded the senior secured notes due 2019 to B3 from Caa1, reflecting the increased cushion from accretion of interest expense across various subordinated notes.
In addition, Moody's affirmed the Caa2-PD probability of default rating and instrument ratings on subordinated notes.
The outlook remains negative given continued weak liquidity and the need to refinance near-term maturities including advances under the revolver facility expiring in March 2016 followed by the 11% holdco senior discount notes (unrated) and the 8˝% notes each due in 2017.
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