26.03.2014 19:29:00
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Lamar Media Corporation -- Moody's downgrades Lamar Media's $ 510 million Senior Unsecured Notes from Ba1 to Ba2 due to proposed new secured Term Loan; all other ratings affirmed
New York, March 26, 2014 -- Moody's Investor Service (Moody's) downgraded Lamar Media Company's ("Lamar") $510 million Senior Unsecured Notes rating from Ba1 to Ba2 due to the proposed issuance of a new senior secured $300 Term Loan A. The new $300 million Term Loan A will not be rated by Moody's. The existing B1 rated senior subordinated notes maturing in 2018, 2022, and 2023, Ba3 Corporate Family Rating (CFR), and Ba3-PD Probability of Default Rating (PDR) were all affirmed. The outlook remains stable.