Strong competitive position in the live entertainment industry. Leading market share in event ticketing, with multiyear contracts. Low EBITDA margin in the concert promotion business, notwithstanding significant artist clout. Moderately high debt leverage. Uncertainty regarding the timing and ultimate resolution of the dispute with CTS Eventim AG, Live Nation Entertainment Inc.'s former ticketing partner. The stable rating outlook reflects our expectation that the concert business should grow modestly in 2013, which will spur modest EBITDA growth and a slight decline in debt leverage. We could lower our rating on Live Nation to 'B' over the intermediate term if weaker operating performance causes fully adjusted debt leverage to rise above 6.5x and if the company's EBITDA margin of compliance falls below
