Research Update: Cumulus Media Inc. Upgraded; Ratings Remain On CreditWatch With Positive Implications

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
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
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
Action: Upgraded

Cumulus Media Inc.

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