| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Entercom Communications Corp. > News item |
S&P keeps Entercom on negative watch
Standard & Poor's said Entercom Communications Corp.'s BB corporate credit rating and B+ subordinated debt rating remain on CreditWatch with negative implications, where they were placed on June 2.
The continuation of the CreditWatch review reflects S&P's ongoing concern about Entercom's increasing leverage resulting from share repurchases, acquisitions and EBITDA declines. Debt to EBITDA increased to 4.54x at June 30, compared with 4.3x at March 31 and 3.7x at the end of 2005. Second-quarter results continued the downward operating trends as revenues declined 3% compared with the year-ago period and EBITDA declined 12%.
In resolving the CreditWatch listing, the agency said it will assess Entercom's ability to restore its debt to EBITDA ratio to a range appropriate for a BB rating.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.