• by Erik Sass  @eriksass1, December 15, 2011

Standard & Poor’s has changed its rating outlook on CC Media Holdings, the parent company of Clear Channel Communications, from positive to negative, while keeping the CCC+ rating itself the same. The negative outlook reflects what S&P sees as the potential for trouble for the radio business in general in coming years, due to the rise of Internet radio and other digital alternatives, plus broader economic uncertainty. S&P writes: “While audience levels have remained relatively stable in radio, we believe there is less visibility regarding the industry's ability to achieve sustainable revenue growth in 2012 and beyond, due to advertising market share loss to alternative traditional and digital media and the lack of ad rate integrity.” Near term debt payments shouldn’t be a problem; however, “The more formidable refinancing risk is in 2014, with $2.9 billion of secured and unsecured debt maturities, and in 2016, with $12.3 billion of secured and unsecured debt maturities.” Most of Clear Channel’s current debt burden was assumed in a highly-leveraged buyout engineered by Bain Capital and Thomas H. Lee Partners in 2007.