S&P Lowers LN Rating

Standard & Poor’s Rating Services said Friday it lowered its corporate credit rating on a live music and venue management company Live Nation Inc. to "B" from "B+," sending it further into junk territory.

The ratings agency said Live Nation’s credit profile hasn’t improved according to its original expectations, as the company "has been in a rebuilding and acquisition period that we believe will continue for the next several years."

S&P added it does not anticipate significant improvement in leverage or other credit metrics due in part to the company’s ongoing investment in its Artist Nation segment and the expansion of its venue and services platform in the U.S. and around the world.

Shares of Beverly Hills, Calif.-based Live Nation slid 2 cents to $22.11 in morning trading