On Aug. 14, 2006, Standard&Poor's Ratings Services placed its 'B+' corporate credit rating, its 'B+' bank loan rating, and its '3' recovery rating on Live Nation Inc. on CreditWatch with negative implications. The action was based on our concerns about rising financial risk resulting from a continuing series of acquisitions. We are now less confident that debt to EBITDA will decline in line with the expectations on which we based our original rating on predecessor SFX Entertainment Inc. in November 2005. Beverly Hills, Calif.-based Live Nation, an entertainment producer and promoter, is undergoing an important building period of shedding nonstrategic businesses and reevaluating elements of its amphitheater portfolio. It is also making important operating investments in digital information
