Moody’s Investors Service said Gray Television’s amendment to its credit agreement does not affect the company’s credit ratings. The TV group owner has approximately $840 million of debt rated by Moody’s.
Moody’s maintains these ratings on Gray’s debt: Caa1 Corporate Family Rating (CFR), Caa2 Probability of Default Rating (PDR), and SGL-4 speculative grade liquidity rating. Also unaffected is its rating outlook, which is negative.
Moody’s noted that its last rating action on Gray occurred on April 1, 2009, when it lowered the company’s CFR to Caa1 from B3, PDR to Caa2 from Caa1, and senior secured credit facility rating to Caa1 from B3.