Strong competitive position in the live entertainment industry; Significant geographic, venue, and format diversity; and Ability to leverage artist relationships to generate ancillary revenue streams, especially as touring becomes a larger percentage of artists' earnings. Low EBITDA-margin business, driven by significant artist clout with producers and promoters, especially in the U.S.; High lease-adjusted leverage; Earnings sensitivity to timing of global tours, seasonal fluctuations, attendance trends, and consumer and corporate discretionary spending and tastes; Negative discretionary cash flow incurred over the past two years for costly long-term rights agreements with recording stars. The ratings on Beverly Hills, Calif.-based Live Nation Inc., including its 'B' corporate credit rating, remain on CreditWatch with positive implications, where they were placed on Feb. 11, 2009,
