Standard & Poor's Ratings Services said that its ratings for Clear Channel Communications Inc. on Thursday remained on credit watch with negative implications.
S&P issued the update after Clear Channel said the funds for its leveraged buyout with Thomas H. Lee Partners LP and Bain Capital Partners LLC had been placed into an escrow account. S&P has voiced concerns about the post-buyout debt. If the deal closes, the ratings agency said it would lower the San Antonio radio broadcaster's long-term corporate rating and the ratings for its senior unsecured notes. - Chris Nolter
See Dealwatch: Clear Channel
