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S&P drops Entercom
Standard & Poor's said it lowered its long-term corporate credit rating on Entercom Communications Corp. to BB- from BB.
At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with negative implications on June 2.
The downgrade recognizes that the company's ratio of debt to EBITDA has continued to increase over the past nine months because of debt-financed share repurchases, acquisitions and EBITDA declines.
Over the first three quarters of 2006, EBITDA declined about 4%, while total debt increased by about 15%, the agency added.
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