Moody’s Investors Service said it has affirmed Citadel Broadcasting Corporation’s Ba3 Corporate Family Rating and the Ba3 rating on its senior secured credit facility. However, the credit rating agency said its outlook for Citadel was revised to “negative” from “stable,” reflecting the weakness in the operating performance of both the acquired ABC Radio business and the existing Citadel stations, which Moody’s said has resulted in weaker than expected credit metrics.
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