S&P Downgrades Radio One
March 5, 2009 at 8:25 AM (PT)
The weak market for radio advertising is weakening the position of RADIO ONE INC., writes BIZJOURNALS.COM.
STANDARD & POOR'S Ratings Services has lowered its corporate credit rating on LANHAM-based RADIO ONE to "B-" from "B." STANDARD & POOR’S rating outlook for RADIO ONE is negative.
STANDARD & POOR’S said the downgrade reflected its concerned over RADIO ONE's ability to maintain compliance with financial covenants due to weak radio ad demand amid the deepening recession which the ratings agency expects to continue for all of 2009.