...- CMG Media Corp. has announced a debt restructuring transaction under which it proposes to exchange its senior secured term loan due 2026 to a new senior secured term loan due 2029 and exchange its senior unsecured notes due 2027 to new second-lien senior notes due 2029. - We view the proposed debt restructuring as distressed and tantamount to a default because we expect the company's lenders will receive less than they were originally promised without offsetting adequate compensation. - We therefore lowered our issuer credit rating on CMG to '##' from '###+' and our issue-level rating on the company senior secured term loan to '##' from '###+' and our issue-level rating on the company senior unsecured notes to 'C' from '###-' - The negative outlook reflects that, upon the completion of the transaction, we expect to lower our issuer credit rating on the company to '##' (selective default), and our issue-level ratings on its senior secured term loan and senior unsecured notes to 'D'....
