Moody's ups Spanish Broadcasting, rates loans B1, B2

Moody's Investors Service said it upgraded the long-term ratings of Spanish Broadcasting System Inc., including the $75 million cumulative exchangeable redeemable preferred stock to Caa1 from Caa2, the senior implied rating to B1 from B2 and the senior unsecured issuer rating to B2 from B3.

Moody's also assigned B1 ratings to the company's first-lien senior secured credit facilities ($25 million first-lien revolving credit facility and $300 million first-lien term loan) and a B2 rating to the $100 million second-lien term loan.

The outlook is stable.

Moody's said the upgrade reflects the expectation of meaningful deleveraging and improvement in operating opportunities going forward, balanced by a still high debt burden and aggressive acquisition strategy.

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