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Moody's downgrades iHeartCommunications after missed interest payment

Moody's considers the expiration of iHeartCommunications Inc.'s 30-day grace period for the missed interest payment of the senior unsecured notes due 2021 as a limited default.

The probability of default rating was downgraded to C-PD/LD from Caa3-PD, while the corporate family rating was downgraded to Caa3 from Caa2, the rating agency said March 5.

The senior secured term loans and senior secured notes were lowered to Caa2 from Caa1 and the unsecured notes were downgraded to C from Ca. The outlook remains negative.

While the 30-day grace period on the senior unsecured note expired on March 3, iHeart and certain lenders have entered into a forbearance agreement which will terminate upon the earliest of March 7 at 11:59 p.m. Central Time or an event of default under the credit agreement other than those that resulted in the entry into the forbearance agreement.

IHeartCommunications is a unit of iHeartMedia Inc.