New York, April 28, 2014 -- Moody's Investors Service (Moody's) assigned a Ca rating to the proposed notes of CCU Escrow Corporation, a newly formed entity that was created solely to issue the notes. The proceeds of the notes are expected to be used to redeem Clear Channel Communications, Inc.'s (Clear Channel) 2014 senior notes. Clear Channel's existing Caa2 corporate family rating (CFR), debt ratings and stable ratings outlook remain unchanged.

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