EFTA Document EFTA01385357

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Modest Yield with Safety CCM Merger. We believe MotorCity will be able to further reduce leverage owing to its strong free cash flow generation. With this report we are maintaining our Buy rating on MOTOR 6.0% Senior Unsecured Notes due 2022 ($102.5, 5.2% YTW. 300bps STW). For 2017, we project CCM Merger to generate Adjusted EBITDA of $130.0 million (+8.8% versus $119.5 million). Factoring in interest expense of