...- We believe Live Nation Entertainment Inc. will sustain S&P Global Ratings-adjusted net leverage well below 6x over the next 12 to 18 months, even though our baseline assumption is for the U.S. economy to enter a shallow recession in early 2023. Over the past few quarters operating performance has meaningfully outperformed our previous base-case forecast following a strong recovery in live event activity, elevated ticket pricing, and on-site spending well above prepandemic levels. As a result, we now expect Live Nation's S&P Global Ratings-adjusted debt to EBITDA to be around 4x-4.5x at the end of 2022. - We therefore raised our issuer credit rating on Live Nation to 'B+' from 'B'. The outlook is positive. - We also raised our issue-level rating on the company's senior secured debt one notch to '##-' from 'B+', in line with the higher issuer credit rating and raised our issue-level rating on the company's unsecured debt to 'B' from 'B-'. - The positive outlook reflects our expectation...
