Spanish Broadcasting System Inc. told the U.S. SEC in a March 31 regulatory filing that it needs more time to complete its annual report for the fiscal year ending Dec. 31, 2016, which was due March 31.

The company will use the additional time to analyze and complete disclosures about its 12.5% senior secured notes due 2017, which will mature April 15, among other matters. It expects to file the report no later than the next business day after April 15.

S&P Global Ratings earlier downgraded Spanish Broadcasting's corporate credit rating as it believes the company will be unlikely to repay the 2017 notes.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.