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Cumulus Media 'B' Rating Outlook Revised To Negative Product Image

Cumulus Media 'B' Rating Outlook Revised To Negative

  • ID: 1783539
  • December 2008
  • Standard & Poors

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
CHICAGO (Standard & Poor's) Dec. 19, 2008--Standard & Poor's Ratings Services today revised its rating outlook on radio broadcaster Cumulus Media Inc. to negative from stable. We also affirmed all ratings on the company, including the 'B' corporate credit rating. "The outlook action is based on our expectation that Cumulus' liquidity will tighten in 2009, when aggressive covenant step-downs will cause the company's cushion of compliance with covenants to narrow significantly," explained Standard & Poor's credit analyst Jeanne Mathewson. Debt to EBITDA was 7.4x as of Sept. 30, 2008, versus the leverage ratio covenant of 7.75x, which stepped down to 7.50x on Oct. 1, 2008, and will step down again to 7.00x on Jan. 1, 2009. Maintenance of the rating...

Companies mentioned in this report are: Cumulus Media Inc.
Action: Affirmed
Action: Outlook: Negative

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