AI
Monday, May 13, 2013 4:49:03 PM
This makes me lol too!
Moody's Assigns "Very High Credit Risk" Tag to Rush Limbaugh's Parent Company Clear Channel
Moody's Investor Services has assigned an extremely unfavorable rating to the Clear Channel Media's proposed $1.5 billion term loan--a loan which would push some of Clear Channel's debt back another 2 years.
The rating of Caa1 is defined as "Rated as poor quality and very high credit risk"
Standard and Poor's shares Moody's concern:
"We believe there is considerable uncertainty surrounding the sustainability of the company's existing capital structure, given its sizable debt burden and significant refinancing risk."
Clear Channel is struggling to avoid bankruptcy, faced with $10 billion in debt due in 2016. That's the same year right wing radio host Rush Limbaugh's $400 million contract will be up for renewal.
Limbaugh has contributed to Clear Channel's financial decline, with his 2012 attacks on Sandra Fluke kicking off a highly successful movement to relieve him of his advertising base led by groups like the Flush Rush Facebook community.
Earlier this year, Clear Channel reported losses of $424 million for 2012. The media company has been firing employees throughout the past year in an effort to stop the hemorrhaging, to no avail. And Chairman of the Board Mark Mays announced his impending resignation.
So far, Clear Channel has stood by Rush Limbaugh, but last week Cumulus Media--which airs his show on 40 stations--began signaling it is considering moving on without the struggling radio host.
Limbaugh has lost more than 2,600 advertisers since early March, 2012. Find out how you can help him lose more after the jump.
Decent folks who believe in tolerance and equality are no longer powerless against Limbaugh's efforts to spread intolerance on the radio. StopRush is making a major impact by convincing advertisers on this show to withdraw their ads--and with your help we can do even more. Just a few emails, tweets, or Facebook messages a week to Limbaugh's advertisers can go a long way toward making hatred less profitable. It is our collective voice that makes us strong.
Want to do something hold Limbaugh accountable?
Join StopRush! We can use your help in the following ways:
Join: The Flush Rush Facebook community
https://www.facebook.com/groups/flushrush/
Visit: The StopRush sponsor database
http://stoprush.net/
Tweet: #stoprush Twitter campaign
https://twitter.com/search?q=stoprush
Fact Check: Limbaugh Lie Debunking Site
http://rushtruth.net/
Install: ThinkContext StopRush browser extension--notifies you as you browse which companies advertise on Rush
http://thinkcontext.org/
http://www.dailykos.com/story/2013/05/13/1208737/-Moody-s-Assigns-Very-High-Credit-Risk-Tag-to-Rush-Limbaugh-s-Parent-Company-Clear-Channel
Moody's Assigns "Very High Credit Risk" Tag to Rush Limbaugh's Parent Company Clear Channel
Moody's Investor Services has assigned an extremely unfavorable rating to the Clear Channel Media's proposed $1.5 billion term loan--a loan which would push some of Clear Channel's debt back another 2 years.
The rating of Caa1 is defined as "Rated as poor quality and very high credit risk"
Standard and Poor's shares Moody's concern:
"We believe there is considerable uncertainty surrounding the sustainability of the company's existing capital structure, given its sizable debt burden and significant refinancing risk."
Clear Channel is struggling to avoid bankruptcy, faced with $10 billion in debt due in 2016. That's the same year right wing radio host Rush Limbaugh's $400 million contract will be up for renewal.
Limbaugh has contributed to Clear Channel's financial decline, with his 2012 attacks on Sandra Fluke kicking off a highly successful movement to relieve him of his advertising base led by groups like the Flush Rush Facebook community.
Earlier this year, Clear Channel reported losses of $424 million for 2012. The media company has been firing employees throughout the past year in an effort to stop the hemorrhaging, to no avail. And Chairman of the Board Mark Mays announced his impending resignation.
So far, Clear Channel has stood by Rush Limbaugh, but last week Cumulus Media--which airs his show on 40 stations--began signaling it is considering moving on without the struggling radio host.
Limbaugh has lost more than 2,600 advertisers since early March, 2012. Find out how you can help him lose more after the jump.
Decent folks who believe in tolerance and equality are no longer powerless against Limbaugh's efforts to spread intolerance on the radio. StopRush is making a major impact by convincing advertisers on this show to withdraw their ads--and with your help we can do even more. Just a few emails, tweets, or Facebook messages a week to Limbaugh's advertisers can go a long way toward making hatred less profitable. It is our collective voice that makes us strong.
Want to do something hold Limbaugh accountable?
Join StopRush! We can use your help in the following ways:
Join: The Flush Rush Facebook community
https://www.facebook.com/groups/flushrush/
Visit: The StopRush sponsor database
http://stoprush.net/
Tweet: #stoprush Twitter campaign
https://twitter.com/search?q=stoprush
Fact Check: Limbaugh Lie Debunking Site
http://rushtruth.net/
Install: ThinkContext StopRush browser extension--notifies you as you browse which companies advertise on Rush
http://thinkcontext.org/
http://www.dailykos.com/story/2013/05/13/1208737/-Moody-s-Assigns-Very-High-Credit-Risk-Tag-to-Rush-Limbaugh-s-Parent-Company-Clear-Channel
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
