Clear Channel's Cleared
Clear Channel Communications may be saved from a possible bankruptcy, thanks to Moody’s Investment Services raising its credit rating on the radio broadcaster, MediaDailyNews reports.
Moody’s raised Clear Channel’s rating from Caa3 to Caa2 and called the company “stable,” at least in the near future.
In 2014, Clear Channel, which employs 18,000 people worldwide, will need to make a scheduled $3.7 billion repayment on its $23 billion of debt; if the company hopes to make that payment, it will probably have to restructure its debt before 2014, Moody’s said.
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