S&P: Cumulus stable

Standard & Poor's said it revised its outlook on Cumulus Media Inc. to stable from positive.

All ratings on the company, including the B corporate credit rating, were affirmed.

"The outlook revision to stable reflects Cumulus' still high debt leverage, underperformance across several markets, weak long-term fundamentals in radio advertising and a thin margin of compliance with its total debt leverage financial covenant," said S&P credit analyst Jeanne Shoesmith in a news release.

The agency said the stable rating outlook reflects S&P's expectation that Cumulus will maintain adequate liquidity despite the potential for little to no access to its revolver starting in 2013, risks surrounding longer-term secular trends in radio and fewer opportunities to reduce expenses in 2013.

S&P said it believes that an upgrade or downgrade is unlikely over the near term.

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