Moody’s trims Diamond Sports

Moody’s Investors Service said it downgraded Diamond Sports Group, LLC’s corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD, the rating on the senior secured debt to Ba3 from Ba2 and the rating on the company’s senior unsecured notes to B3 from B2.

The Ba3 on the company’s senior secured debt remains on review for downgrade pending closing of the proposed debt exchange transaction, Moody’s said. Diamond’s speculative grade liquidity rating remains at SGL-3.

“Diamond’s B1 CFR reflects the high leverage the company will be operating with for at least the next 12 months. Moody’s current expectations are that, without Dish resuming its carriage of Diamond’s regional sports networks (RSNs) debt to EBITDA (Moody’s adjusted) will reach around 7.9x by year-end 2020, assuming 75% of the unsecured notes are exchanged as per the company’s proposed offer,” the agency said in a press release.

The outlook is negative.

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