Strong competitive position in the live entertainment industry Leader in ticketing industry with multiyear contracts Ability to leverage artist relationships to generate ancillary revenue streams Moderate debt leverage Operating performance sensitivity to timing of global tours, seasonal fluctuations, attendance trends, and consumer and corporate discretionary spending and tastes Low EBITDA margin of Live Nation's business, driven by significant artist clout Increased competition at Ticketmaster as a result of proposed Department of Justice concessions. Uncertainty regarding the timing and ultimate resolution of the dispute with CTS Eventim, Live Nation's former ticketing partner The 'B+' rating reflects Beverly Hills Calif.-based live entertainment services company Live Nation Entertainment Inc.'s aggressive financial policies and high leverage. The rating also considers our view that Live
