S&P Cuts Clear Channel To B-
February 20, 2009 at 12:35 PM (PT)
STANDARD & POOR's Ratings Services TODAY (2/20) lowered its corporate credit and issue-level ratings on SAN ANTONIO-based CC MEDIA HOLDINGS INC. and its operating subsidiary, CLEAR CHANNEL COMMUNICATIONS INC. by one notch. The corporate credit rating was lowered to 'B-' from 'B'.
"The ratings downgrade and continued CREDITWATCH listing reflects our deepening concerns about the company's ability to maintain compliance with financial covenants amid the worsening recession, especially in light of extremely weak recent results reported by peer radio and outdoor companies," explained STANDARD & POOR's credit analyst MICHAEL ALTBERG.