Research Update: CMP Susquehanna Radio Holdings Corp. Upgraded; Ratings Remain On CreditWatch Positive

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
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Abstract
CMP's credit metrics, which have improved over the last year, could improve further if Cumulus Media Inc. successfully merges with Citadel Broadcasting. We are raising our corporate credit rating on CMP Susquehanna Radio Holdings Inc. to 'B' from 'B-'. The rating remains on CreditWatch, where it was placed with positive implications on Feb. 18, 2011. Our issue-level ratings on the company's debt were also raised by one notch and were removed from CreditWatch. The corresponding recovery ratings remain unchanged. The positive CreditWatch listing reflects our expectation that the merger transaction will be deleveraging. On April 25, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on Atlanta-based CMP Susquehanna Radio Holdings Corp. to 'B' from 'B-'. The rating...

Companies mentioned in this report are: CMP Susquehanna Radio Holdings Corp.
Action: On CreditWatch:Positive
Action: Upgraded

CMP Susquehanna Radio Holdings Corp.

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