About $165M worth of debt could be affected by the review, which follows this week’s agreement by a group led by Guggenheim Partners to buy the production company. Moody’s Investors Service says that it’s watching to see whether the transaction “results in a material increase in debt” without an improvement in cash flow. The debt rating firm also wants to be sure that all’s well with Dick Clark Productions‘ major sources of cash: annual shows from the Golden Globes, the American Music Awards, the Academy of Country Music Awards, and Dick Clark’s New Year’s Rockin’ Eve, and the Fox series So You Think You Can Dance. If any of the shows are cancelled, and there’s no replacement, then it could “materially impact operating performance,” Moody’s says. Dick Clark Productions has a B2 rating, which means investors who own its debt are taking a high risk. Moody’s says that reflects the company’s substantial borrowing — equal to 5.9 times its estimated EBITDA leverage — as well as its modest size and courtroom battle with the Hollywood Foreign Press Association over the rights to the Golden Globes.