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Emmis Communications downgraded at S&P

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Emmis Communications downgraded at S&P

S&P Global Ratings lowered 's corporatecredit rating to CCC from B-, citing "increased risk of covenant violation."

The issue-level rating on the company's $205 million senior securedcredit facility was downgraded to CCC+ from B.

The outlook on the company is negative.

Barring an amendment or substantial noncore asset sales, thecompany may violate its covenants in May 2017 because of covenant step-downs,the rating agency said Sept. 29.

The agency expects the company's EBITDA to decline year overyear in the fiscal year ending Feb. 28, 2017, due to a "direct formatcompetitor in the Los Angeles market, weakness in Emmis' publication adrevenues, and the company's continued investments in NextRadio."

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