Moody's may lower Clear Channel Communications

Moody's Investors Service said it placed the ratings for Clear Channel Communications, Inc. and its subsidiaries on review for possible downgrade following the company's announcement that its board of directors is evaluating various strategic alternatives to enhance shareholder value.

Moody's said it believes that the recent announcement creates uncertainty around the company's business strategy and business portfolio mix, capital structure and credit metrics.

The agency added its review will focus on the nature of the specific transaction, if any and the resulting impact on the company's capitalization, including structural subordination issues and credit metrics.

Affected ratings include CCCI Capital Trust I's preferred stock shelf at Ba1, CCCI Capital Trust II preferred stock shelf at Ba1 and CCCI Capital Trust III's preferred stock shelf, also at Ba1.

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