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Moody's downgrades Gray Television CFR to 'B2'

By Associated Press
June 19, 2008 | Comments (0)

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Credit-ratings agency Moody's Inc. downgraded its Corporate Family Rating of Atlanta-based television broadcaster Gray Television Inc. to "B2" from "B1."

Moody's on Wednesday also said it downgraded its Probability of Default rating to "B3" from "B2" and its senior secured credit facility to "B2" from "B1."

Moody's said all ratings remain under review for further possible downgrade.

Moody's said the downgrades reflect the company's weak operating performance and a shift to a weak liquidity profile, driven mostly by softness in local and national advertising revenue.

The new and previous ratings designations all fall under Moody's non-investment, or "Junk," grade.

In May, Gray Television posted a smaller first-quarter loss as higher political and online advertising boosted revenue.

Shares slipped 2 cents to $3.39.

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