Moody's ups Mood Media

Moody's Investors Service said it upgraded Mood Media Corp.'s first-lien credit facilities to Ba3 (LGD2, 19%) from B1 (LGD2, 23%) as the improvement in recovery prospects resulting from the first-lien facilities being downsized to $375 million from $415 million while the second-lien term loan was up-sized to $100 million from $65 million.

Since the amendment adjusts only the relative proportions of first- and second-lien claims but does not affect total debt, the corporate family and probability of default ratings remain unchanged at B2/B3 and the outlook remains stable.

Mood Media's Caa1 second-lien credit facility and SGL-3 speculative-grade liquidity rating are also unchanged.

The ratings consider the leverage and coverage measures that result from the company's pending acquisition of Muzak, an entrepreneurial management team and a relatively limited operating history, which has featured a series of recent acquisitions and business combinations and continues to be in a growth phase, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.