Moody's rates Clear Channel notes Caa1

Moody's Investors Service said it assigned a Caa1 (LGD 6) rating to Clear Channel Worldwide Holdings, Inc.'s proposed $2.2 billion senior subordinated notes due 2024.

The B3 corporate family rating, B2 rating on the senior notes and existing Caa1 senior subordinate notes rating were all affirmed.

The rating of Clear Channel International BV's senior notes due 2020 also was affirmed at B3.

The outlook was changed to stable from negative.

The proceeds of the notes will be used to refinance the existing $2.2 billion of senior subordinated notes due March 2020, Moody's explained.

The outlook was changed to stable, reflecting the better maturity and liquidity profile, the agency said.

The ratings reflect Clear Channel's very high leverage of 9.2x as of the third quarter of 2018, Moody's said.

The company benefits from its position as one of the largest outdoor advertising companies in the world with diversified international operations and high broadcast cash flow margins, the agency said.

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