S&P Global Ratings expects weakening macroeconomic conditions will hinder advertising spending, which will likely cause Townsquare Media Inc.'s S&P Global Ratings-adjusted gross leverage to increase above our 5x downside threshold for the current rating in 2025. That said, we expect the company will reduce its leverage below 5x in 2026 on increased political advertising revenue in an election year, as well as through additional required debt repayment. However, if economic conditions weaken by more than we forecast or persist for a longer-than-anticipated period it could limit the pace of Townsquare's deleveraging. We revised our outlook on Townsquare to negative from stable and affirmed our 'B+' issuer credit rating and 'B+' issue-level rating on its senior secured debt. Our '3' recovery
