Downgrade for Radio One

Moody's Investors Service said it had downgraded Radio One's Corporate Family Rating to B1 from Ba3 and its 800 million bucks secured credit facility to Ba2 from Ba1. In addition, Moody's downgraded Radio One's 8-7/8% senior subordinated notes and 6-3/8% senior subordinated notes to B3 from B1. After the downgrades, Moody’s said the ratings outlook for Radio One is stable.

“The ratings downgrade reflects the company's continued weak operating performance, weaker than previously expected credit metrics and limited cushion under the company's financial covenants,” said Moody’s.

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