Moody's Upgrades Entercom To B1 From B2
May 12, 2016 at 6:01 AM (PT)
MOODY'S INVESTORS SERVICE upgraded ENTERCOM COMMUNICATIONS' Corporate Family Rating to B1 from B2 and Probability of Default Rating to B1-PD from B2-PD.
MOODY's also upgraded the company's secured credit facilities to Ba2 from Ba3 and senior unsecured 10.5% notes to B3 from Caa1. The upgrades reflect ENTERCOM's good free cash flow generation allowing for further improvement in credit metrics and improved leverage since MOODY's last rating action at the end of 2011.
MOODY's wrote, "The outlook is stable supported by MOODY's expectations for organic revenue growth in FY2016."