iHeartCommunications, Inc. -- Moody's says Clear Channel Outdoor's sale of assets expected to increase leverage, but improve iHeart's liquidity

New York, January 08, 2016 -- Moody's Investors Service (Moody's) says Clear Channel Outdoor Holdings, Inc.'s (CCOH) sale of outdoor assets to Lamar Advertising Company in 5 different markets for $458.5 million is expected to increase leverage at CCOH and to a lesser extent iHeartCommunications, Inc. (iHeart), but improve the liquidity position of iHeart. The transaction is not expected to impact the ratings of either company. The increase in liquidity at iHeart improves the opportunities for iHeart to buy back its debt at a substantial discount or execute a distressed exchange which Moody's may consider as a Limited Default depending on the terms of the exchange or buyback.

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