Research Update: S&PCORRECT: Cumulus Media 'B' Rating Affirmed, Off CreditWatch; New Credit Facilities Rated; Outlook Positive Sep 11
- Language: English
- Published: September 2011
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Cumulus' credit metrics, which have improved over the past year, could improve further if it successfully merges with Citadel Broadcasting. We are raising our corporate credit rating on Cumulus Media Inc. to 'B' from 'B-'. We are assigning the company's proposed senior unsecured notes a preliminary 'CCC+' rating with a preliminary recovery rating of '6'. We also raised our issue-level ratings on the company's debt by one notch. The corresponding recovery ratings remain unchanged. All ratings, except for the rating on Cumulus' term loan, were placed or remain on CreditWatch with positive implications. 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...
Companies mentioned in this report are: Cumulus Media Inc.
Action: On CreditWatch:Positive
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Cumulus Media Inc.