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Fitch downgrades iHeartMedia unit rating following Chapter 11 bankruptcy filing

Fitch Ratings lowered iHeartCommunications Inc.'s long-term issuer default rating to D from RD after a Chapter 11 bankruptcy filing by the company's parent iHeartMedia Inc. and certain of its subsidiaries.

The filing followed weeks of negotiations with the company's creditors after the radio company in February missed an interest payment on a series of unsecured senior notes.

The rating agency upgraded the issue ratings on iHeartCommunications' senior secured term loans and priority guarantee notes to CC/RR3 from C/RR4 to reflect improved recovery prospects as proposed by the restructuring agreement.