S&P downgrades CC Media


Standard and Poor’s Ratings Services said it is worried about the ability of CC Media Holdings, the parent company of Clear Channel Communications, to meet its debt obligations. S&P cut CC Media’s corporate credit rating one notch from B to B-minus and said the company remains on its CreditWatch list for another possible downgrade.
"The ratings downgrade and continued CreditWatch listing reflects our deepening concerns about the company’s ability to maintain compliance with financial covenants amid the worsening recession," said S&P analyst Michael Altberg.