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S&P downgrades Cumulus on Chapter 11 filing

S&P Global Ratings on Dec. 1 cut its corporate credit rating on Cumulus Media Inc. and subsidiary Cumulus Media Holdings Inc. to D from selective default, or SD, following the company's Chapter 11 filing.

The rating agency also lowered its issue-level rating on Cumulus Media Holdings' senior secured debt to D from CCC. The issue-level rating of D on Cumulus' senior unsecured debt remains unchanged.

Cumulus Media filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to implement the balance sheet restructuring.

The Atlanta-based radio broadcasting company entered into a restructuring support agreement with some of its secured lenders, among others, holding about 69% of the company's term loan to cut its debt by over $1 billion.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.