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S&P downgrades iHeartMedia following bankruptcy filing

S&P Global Ratings on March 15 downgraded iHeartMedia Inc. and unit iHeartCommunications Inc.'s corporate credit ratings to default, or D, from selective default, or SD.

The rating agency also lowered its issue-level ratings on iHeartCommunications' debt to D from CC. All other debt ratings remain unchanged.

The ratings action follows the filing of Chapter 11 bankruptcy by iHeartMedia and certain of its subsidiaries.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.