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Moody's changes iHeartCommunications' outlook to negative

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Moody's changes iHeartCommunications' outlook to negative

Moody's on Dec. 12 changed its outlook on iHeartMedia Inc. unit iHeartCommunications Inc. to negative from stable over "the elevated possibility that the company will restructure its debt over the next year."

All the existing debt ratings, including the Caa2 corporate family rating and Caa3-PD probability of default rating, were affirmed at existing levels. The rating agency, however, downgraded its speculative grade liquidity rating on the company to SGL-4 from SGL-3.

IHeartCommunications has sought the consent of holders of its outstanding senior notes due 2021 for a proposed amendment to the indenture governing the notes. The proposed amendment, if adopted, would increase the amount of debt under credit facilities by $500 million to about $17.27 billion, the company said Sept. 27.