More dark clouds are forming over Atlanta-based Cumulus Media. The struggling No. 2 owner by station count of AMs and FMs saw its Corporate Family Rating downgraded by Moody’s Investors Service on Tuesday (4/11), to Caa2 from Caa1.
Moody’s didn’t stop there, lowering Cumulus’ secured credit facilities to Caa1 from B3, and the company’s senior unsecured notes to Ca from Caa3.
Moody’s outlook on Cumulus? It was changed to “negative,” from “stable.”
Why did Moody’s make the moves?