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Fitch downgrades iHeartCommunications

Fitch Ratings on Dec. 21 downgraded the long-term issuer default rating of iHeartCommunications Inc. to C from CC.

The rating agency took this action following iHeartCommunications' recent offer to exchange 10% senior notes due 2018, which Fitch considers a distressed debt exchange, or DDE, because of the proposed extension of the maturity of the notes. The agency stated that existing holders of the said notes will get an improved position in the capital structure because the notes will be subject to the same terms as the indenture for the existing 11.25% senior priority guarantee notes.

The rating agency affirmed all individual issue ratings for the iHeartMedia Inc. unit.