Research Update: CMP Susquehanna Radio Holdings Corp. Upgraded; Ratings Remain On CreditWatch Positive
- ID: 1711997
- April 2011
- Standard & Poors
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Product Type: Research Update
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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
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