...- We expect U.S.-based television broadcaster CMG Media Corp.'s S&P Global Ratings-adjusted gross leverage will remain above our 6.5x downside threshold for the current rating, given its weak operating performance and prioritization of shareholder returns. - Therefore, we lowered our issuer credit rating on CMG to 'B-' from 'B'. - At the same time, we lowered our issue-level rating on the company's senior secured debt to 'B-' from 'B+' and revised the recovery rating to '3' from '2'. We also lowered our issue-level rating on its senior unsecured debt to '###' from '###+'. Our '6' recovery rating on this debt is unchanged. - The negative outlook reflects the potential that CMG's leverage will remain elevated ahead of the upcoming maturity of its $2.1 billion term loan in December 2026. Absent a sustained improvement in its business and aggressive debt reduction over the next year, we would likely view the company's capital structure as unsustainable....
