Moody's rates Clear Channel Worldwide notes B1

Moody's Investors Service said it assigned a B1 rating to Clear Channel Outdoor Holdings, Inc.'s wholly owned intermediate holdco subsidiary, Clear Channel Worldwide Holdings, Inc.'s proposed $2.725 billion senior unsecured note issue.

Clear Channel Worldwide's B2 corporate family rating, B1 probability of default rating and B3 senior subordinated rating are unchanged.

The outlook is stable.

Proceeds from the new series A and B senior notes are expected to be used to tender for the existing $2.5 billion senior notes due 2017 with the $225 million balance of proceeds used to pay premiums, fees and expenses.

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