Research Update: S&PCORRECT: Cumulus Media 'B' Rating Affirmed, Off CreditWatch; New Credit Facilities Rated; Outlook Positive Sep 11
- Language: English
- Published: September 2011
Cumulus Media Holdings has moved $75 million from its proposed revolver to its proposed term loan. The ratings on Cumulus Media Holdings and its parent, Cumulus Media Inc., remain on CreditWatch, where they were placed with positive implications on Feb. 18, 2011. CHICAGO (Standard & Poor's) July 22, 2011--Standard & Poor's Ratings Services today announced that Cumulus Media Holdings Inc.'s decision to move $75 million from its proposed revolver to its proposed term loan does not impact any ratings. "The continued CreditWatch listing of Cumulus Media Inc. and its subsidiary Cumulus Media Holdings reflects our view that consolidated debt leverage and financial risk for the combined entity of Cumulus, Citadel, and CMP Susquehanna Radio Holdings Corp. will be meaningfully lower...
Companies mentioned in this report are: Cumulus Media Holdings Inc.,Cumulus Media Inc.
Action: CreditWatch Update
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.
Cumulus Media Holdings Inc.,Cumulus Media Inc.