S&P downgrades LBI Media, notes

Standard & Poor's said it lowered its corporate credit ratings on LBI Media Holdings Inc. and LBI Media Inc. to SD (selective default) from CC.

At the same time, the agency lowered its issue-level rating on LBI Media Inc.'s second-priority subordinated notes to D from C.

LBI is the parent of LBI Media Inc.

"The rating actions follow LBI's announcement that it expects to complete its exchange offer transaction on or about Dec. 23, 2014," S&P credit analyst Minesh Patel said in a news release. "Under our criteria, we consider distressed issuers' debt exchanges, where the timing of payments is slowed, as tantamount to a default."

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