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S&P downgrades Clear Channel

Credit ratings agency Standard  & Poor’s yesterday cut its rating on Clear Channel Communications and parent company CC Media, amid concerns that it may breach covenants on its $20bn (£12.4bn) of debt. S&P downgraded the radio and outdoor advertising group’s rating from B- to CCC, saying it was concerned that it could be forced into bankruptcy, should its proposal of a debt exchange be refused, as it would be unable to absorb any associated rate increases. Separately, Clear Channel announced the appointment of John Partilla, the head of Time Warner's Global Media Group, to the new role of executive vice-president and president of global media sales.