Standard & Poor's credit analyst Heather Goodchild also believes that Univision's recession-challenged operations will have a harder time providing liquidity given the firm's debt load. "The debt taken on is an extremely onerous burden," she said, arguing that 2009 will be tight for Univision. Moody's also has issued warnings, including in a pre-holiday-season debt-ratings downgrade on the company, its second of 2008. Because the sale of Univision Music Group raised less than expected and the firm delayed radio station sales, Moody's analyst John Puchalla argued that "asset sales are unlikely to improve credit metrics significantly." Overall, he believes that Univision "has only adequate liquidity through the end of 2009," even though cost savings and retransmission-consent revenue should provide a positive counterweight to what the analyst predicts will be an ad revenue decline of 10-15 percent in the new year.