Global Defense Suppliers' Outlook Survey 2012-2013: Industry Dynamics, Market Trends and Opportunities, Expenditure and Marketing Strategies
- Published: May 2012
Ad demand has slowed in the fourth quarter of 2011 in radio and outdoor, which we believe will continue in 2012 due to the weak global economy. In our view, such slower growth heightens refinancing risk surrounding U.S.-based radio broadcaster and outdoor ad provider CC Media's formidable debt maturities in 2014 and 2016. We are revising our 'CCC+' rating outlook on the company to negative from positive. The negative outlook reflects our expectation that softening ad demand and global economic uncertainty could slow the pace of revenue growth over the next few years. On Dec. 13, 2011, Standard & Poor's Ratings Services revised its rating outlook on San Antonio, Texas-based CC Media Holdings Inc., and its operating subsidiary Clear Channel...
Companies mentioned in this report are: CC Media Holdings Inc.,Clear Channel Communications Inc.,Clear Channel Worldwide Holdings Inc.
Action: Outlook: Negative
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.
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CC Media Holdings Inc.,Clear Channel Communications Inc.,Clear Channel Worldwide Holdings Inc.
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