Moody's changed Clear Channel Worldwide Holdings Inc.'s outlook to negative from stable.

The outlook revision is based on the increase in leverage to 8.7x as of the third quarter of 2016 and the ongoing strength of the U.S. dollar, the rating agency said Dec. 20. This is expected to have a negative impact on the reported results in the near term. Further, there is potential for additional asset sales, according to Moody's, which may lead to another dividend to stockholders or the upstream of cash flow to iHeartMedia Inc. unit iHeartCommunications Inc. via its corporate service deal.

Clear Channel Worldwide Holdings Inc. is owned by Clear Channel Outdoor Holdings Inc.