On September 29, 2016, S&P Global Ratings lowered its corporate credit rating on Emmis Communications Corporation to CCC from B- and its $205 million senior secured credit facility to CCC+ from B. “The downgrade reflects our expectation that Emmis could violate its covenants in May 2017 due to covenant step-downs, barring an amendment or significant noncore asset sales,” said S&P Global Ratings’ credit analyst Heidi Zhang. S&P Global also projects EBITDA will decline in the fiscal year ending February 28, 2017, from the previous year due to a direct format competitor in the Los Angeles market, weakness in Emmis’ publication ad revenues and the Company’s continued investments in NextRadio. Read more on distressed companies.
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