S&P lowers Salem Media view to stable

Standard & Poor's said it revised the outlook on Salem Media Group Inc. to stable from positive.

The agency also said it affirmed all of the ratings on the company, including its B corporate credit rating.

The outlook revision is based on an expectation that Salem's adjusted debt leverage will remain at more than 5x over the next 12 months, S&P said.

The agency said it expects leverage to stay at more than 5x over the next 12 months as the company pursues tuck-in acquisitions provided by Disney's divestiture of multiple radio properties.

Salem's higher-than-expected leverage also is due to higher expenses than anticipated at Eagle Publishing, which Salem acquired in the first quarter of 2014, S&P said.

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