We believe the recovery in radio advertising is slowing across the industry because macroeconomic concerns and declining consumer sentiment are causing larger national radio advertisers to pull back on spending. We are revising our expectation for total 2022 broadcast advertising growth to 6%, from 10%. As the chance of recession continues to rise, it increases the risk that Beasley's leverage will increase further and never recover to pre-pandemic levels. As a result, we revised our outlook on the company to negative from stable. At the same time, we affirmed all of our ratings on Beasley Broadcast Group Inc., including the 'B-' issuer credit rating on the company. The negative outlook reflects our expectation that the recovery in broadcast advertising will
