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S&P cuts Entercom
S&P said it lowered its rating for Entercom Communications Corp. to B from B+, citing expected declines in radio advertising.
“Entercom's leverage was 5.4x at the end of 2019, above our 5x downgrade threshold for the B+ rating. We had previously expected leverage would decline to the mid-4x area in 2020 due to a combination of EBITDA growth from lower restructuring costs and cost-saving initiatives (completed in 2019), as well as voluntary debt repayment. However, we now expect declines in radio advertising revenue stemming from the impact of the coronavirus will keep leverage above 5x over the next year,” the agency said in a press release.
The outlook is negative.
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