S&P Global Ratings expects Live Nation Inc.'s revenue and EBITDA generation to recover in 2022 and could exceed prepandemic levels. We expect the company's performance to support an improvement in adjusted leverage to 5x-6x by year-end 2022, supported by a backlog of rescheduled events and a lower fixed-cost base. Therefore, we revised our rating outlook on Live Nation to positive from stable and affirmed our 'B' issuer credit rating. We also affirmed our 'B+' issue-level rating on the company's senior secured debt and our 'B-' issue-level rating on its senior unsecured debt. The positive ratings outlook reflects our expectation that live music events and attendance will likely recover in 2022 and likely exceed prepandemic levels, reducing leverage to the 5x
