Standard&Poor's Ratings Services derives its 'BB-' corporate credit rating on Live Nation Entertainment from: Our anchor of 'bb-', based on our "fair" business risk and "aggressive" financial risk profiles on the company. There are no analytical modifiers that affect the rating. 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 clout with artists. Aggressive debt leverage. Significant capital expenditure requirements. Our stable rating outlook on Live Nation reflects our expectation that the company will be able to maintain debt leverage below 5x and that operating performance will be relatively stable. We could lower the rating to 'B+' over the intermediate
