Bala Cynwyd, Pa.-based radio broadcaster Entercom Communications Corp. has completed the refinancing of its existing debt. We are assigning the company a corporate credit rating of 'B+' with a stable outlook. We are also assigning ratings to the company's debt, rating its senior secured credit facilities 'BB-' with a recovery rating of '2' and its senior unsecured notes 'B-' with a recovery rating of '6'. The stable rating outlook reflects our view that the company will be able to maintain adequate liquidity and compliance with financial covenants, despite risks surrounding longer-term secular trends in radio. On Dec. 16, 2011, Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to Entercom Communications Corp. and its subsidiary, Entercom Radio LLC....
Companies mentioned in this report are: Entercom Communications Corp.,Entercom Radio LLC
Action: New Rating
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.