Moody's Investor Services downgraded Warner Music Group Corp (WMG), citing the ongoing challenges within the recorded music industry. WMG's corporate family and probability of default ratings were lowered to 'B1' from 'Ba3' and the rating outlook was changed to stable from developing. In addition, Moody's lowered WMG Holdings Corp's senior discount notes rating to 'B3' from 'B2' as well as the ratings of WMG Acquisition Corp's senior secured loan to 'Ba3' from 'Ba2' and senior subordinated notes to 'B3' from 'B2'. Moody's also lowered WMG's speculative grade liquidity rating to 'SGL-3' from 'SGL-2'. (Thomson Financial)
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