The 'B+' rating reflects Beverly Hills Calif.-based live entertainment services company Live Nation Entertainment Inc.'s aggressive financial policies and high leverage. The rating also considers our view that Live Nation will benefit from vertical integration opportunities stemming from its January 2010 stock-based acquisition of Ticketmaster and decent discretionary cash flow, but these factors do not offset the previously mentioned risks. The purchase of Ticketmaster is largely complementary, and diversifies and enhances Live Nation's business position in the live entertainment industry. The transaction vertically integrates the largest U.S. concert promoter and venue operator with the leading U.S. ticketing company and artist management agency. Live Nation is now able to manage artists, book them in its network of owned and operated venues,
