S&P lowers CMP

Standard & Poor's said it lowered the corporate credit rating on CMP Susquehanna Radio Holdings Corp. to CC from CCC+ and its 9 7/8% senior subordinated notes due 2014 to C from CCC-. Ratings remain on CreditWatch with negative implications.

The actions follow the company's offer to exchange up to $15 million of new variable-rate senior subordinated notes, $35 million of series A preferred stock and warrants exercisable for up to 40% of the outstanding common stock for the company's existing senior subordinated notes, according to the agency.

"It is our preliminary expectation that, in the event the exchange succeeds, the corporate credit rating would likely be in the CCC+ category following the consummation of the exchange transactions," S&P analyst Jeanne Mathewson said in a statement.

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