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S&P cuts CC Media
Standard & Poor's said it lowered its corporate credit rating and issue-level ratings on CC Media Holdings Inc. and its operating subsidiary, Clear Channel Communications Inc., by two notches, noting that it rates the holding company and operating company on a consolidated basis.
The agency said that the corporate credit rating was lowered to CCC from B-.
The ratings were removed from Creditwatch, where they were placed with negative implications on May 4, the agency, adding that it revised the recovery rating on Clear Channel's secured debt to 4 from 3.
The revision of the recovery rating on the secured debt is due to the lowering of its EBITDA multiple used to value the company to 7.0x from the 7.5x, the agency said.
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