Moody’s affirms Hemisphere Media

Moody's Investors Service said it affirmed Hemisphere Media Holdings, LLC's B2 corporate family rating, B2 senior secured term loan rating and B2-PD probability of default rating.

The agency said the action reflects its confidence that Hemishere's operating performance has recovered and stabilized following several quarters of temporary but significant weakness due to damage caused by multiple hurricanes that struck Puerto Rico in September 2017.

Moody’s said Hemisphere's corporate family rating reflects its small scale that is similar in size to much weaker credits.

The agency said that despite Hemisphere’s leading market position in Puerto Rico, most of its revenues are generated in the United States where it has a tiny fraction of the Spanish-language TV market share which is controlled by much larger competitors including number-one ranked Univision (B2 stable).

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