S&P Assigns Townsquare Media A 'B' Rating
March 29, 2012 at 3:50 AM (PT)
STANDARD & POOR'S has assigned a "B" rating to TOWNSQUARE MEDIA, which is issuing $265 million of
senior notes to refinance the existing debt of its subsidiaries.
"We are assigning the company a corporate credit rating of 'B' with a stable outlook," wrote S&P, adding "We are also assigning the senior notes a 'B' rating with a recovery rating of '4'. The stable rating outlook reflects our view that the company will be able to maintain adequate liquidity despite risks surrounding longer-term secular trends in radio."