A Moody’s Move For SBS ‘Probability of Default Rating’

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Moody’s Investors Service has downgraded Spanish Broadcasting System (SBS)‘s probability of default rating (PDR) to D-PD from Caa3-PD.


The downgrade came following the company’s announcement that there was an event of default under the company’s note indenture following note maturity on April 15.

Additionally, SBS’s Corporate Family Rating is downgraded to Ca from Caa2; the senior secured notes rating is downgraded to Ca from Caa2; and the preferred stock rating is downgraded from Ca to C.

The outlook remains negative.

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