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S&P rates Cumulus Media after reorganization plan approval

S&P Global Ratings on May 30 assigned Cumulus Media Inc. a B- corporate credit rating after the U.S. Bankruptcy Court for the Southern District of New York approved the company's reorganization plan.

The outlook on the Atlanta-based radio broadcaster is stable.

The rating agency also assigned its B issue-level rating to the company's senior secured term loan due 2022. The B- corporate credit rating reflects the company's high leverage and lack of diversification away from broadcast radio advertising revenue, which is in secular decline.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.