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S&P downgrades iHeartMedia on interest payment failure

S&P Global Ratings on Feb. 1 downgraded iHeartMedia Inc. and unit iHeartCommunications Inc.'s corporate credit ratings to SD from CC.

The rating agency also lowered its issue-level rating on iHeartCommunications' 12%/14% senior notes due 2021 to D from C.

The downgrade follows iHeartCommunications' recent announcement that it did not make a $106 million net cash interest payment on its 12%/14% senior notes due 2021.

The payment, which was due Feb. 1, was not made as active discussions continue among its lenders, noteholders and financial sponsors regarding a debt restructuring, the company said Feb. 1.

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