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Moody’s cuts Mood Media, notes
Moody's Investor's Service said it downgraded Mood Media Borrower, LLC’s corporate family rating to Caa3 from B3, probability of default rating to Caa3-PD from B3-PD and the rating for its senior secured second-lien notes to Ca from Caa1.
The outlook is negative.
"The downgrades reflect significant deterioration in liquidity, a deemed untenable capital structure given the company's substantial debt service burden, and ensuing heightened risk of default and potentially material impairment of creditor claims in an event of default scenario," Moody's analyst Jonathan Teitel said in a news release.
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