S&P Downgrades Radio One

Standard & Poor's Rating Service said it lowered its corporate credit rating on Radio One to B- from B and made the rating outlook negative.

"The ratings downgrade reflects our concern over Radio One's ability to maintain compliance with financial covenants due to weak radio ad demand amid the deepening recession, which we expect to persist for all of 2009," said S&P credit analyst Michael Altberg.

By Terri Rupar  |  March 3, 2009; 4:58 PM ET  | Category:  Economy Watch
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