We believe Beverly Hills, Calif.-based Live Nation Entertainment Inc.'s operating performance will continue to benefit from the relative stability of its ticketing business and continued growth in higher-margin sponsorship and advertising revenue streams. We are raising our corporate credit rating on Live Nation Entertainment Inc. to 'BB-' from 'B+'. We are assigning the company's $1.35 billion senior secured credit facilities a 'BB' issue-level rating, and raising the issue-level rating on the $425 million senior notes to 'B+'. The stable outlook reflects our expectation Live Nation will maintain leverage below the 5x threshold that we associate with our 'BB-' rating on the company, over the intermediate term. On Aug. 8, 2013, Standard&Poor's Ratings Services raised its ratings on Beverly
