The corporate credit rating on Beverly Hills, Calif.-based Live Nation Entertainment Inc. reflects Standard&Poor's Ratings Services' expectation that leverage will remain relatively high, but that the company will gradually benefit from vertical integration opportunities stemming from its 2010 acquisition of Ticketmaster. We consider the company's business profile fair, based on its strong position in the live entertainment and ticketing industries, notwithstanding low EBITDA margins of the concert business and increasing ticketing competition. We view the company's financial profile as highly leveraged because of its high debt to EBITDA and tightening covenants. Live Nation manages artists, books them in its network of owned and operated venues, and sells concert tickets, concessions, and high-margin corporate sponsorships. Ticketmaster accounts for about
