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Business Briefing / Entertainment

Ticketmaster sees credit rating cut

March 25, 2009|TIMES WIRE REPORTS

Ticketmaster Entertainment Inc. had its credit rating lowered one level to BB from BB-plus by Standard & Poor's Corp., which cited the company's fourth-quarter results and rising debt leverage.

Ticketmaster, which is seeking to merge with concert promoter Live Nation Inc., may remain under pressure for at least the first half of 2009 as the recession cuts consumers' leisure spending, S&P said.

As of Dec. 31, the West Hollywood-based ticket seller had total debt of $865 million, S&P said.

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