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Fitch: Clear Channel’s Ratings Would Remain at ‘BB-’ if Deal Not Completed

NEW YORK, Mar 27, 2008 (BUSINESS WIRE) — In line with previous guidance, Fitch
Ratings stated today that Clear Channel Communications (Clear Channel) ‘BB-’
Issuer Default Rating (IDR) and Senior Unsecured Ratings would remain in place if
the going-private transaction is not completed.

Fitch originally downgraded Clear Channel’s ratings to ‘BB-’ from ‘BBB-’ on Nov.
16, 2006 after the company announced it had executed a definitive merger
agreement with a private equity group to be acquired for over $26 billion. At
that time, Fitch stated that the consummation of the going-private transaction
would likely result in lower ratings, but that any cancellation of the merger
would not result in any upward movement of the ‘BB-’ ratings, as management
demonstrated a tolerance for greater leverage. Clear Channel has significant debt
maturities coming due over the next three years, including its bank facility.
Fitch believes the risk of financial policy revisions must be properly reflected
in the ratings on any future market transactions that may be used to re-finance
these maturities. Executive management employment agreements extend into 2014.

Please see Fitch’s comment dated Dec. 18, 2007 and the full credit report on
Clear Channel dated Dec. 8, 2007 on the Fitch web site at
http://www.fitchratings.com for additional information.

Fitch’s rating definitions and the terms of use of such ratings are available on
the agency’s public site, http://www.fitchratings.com. Published ratings,
criteria and methodologies are available from this site, at all times. Fitch’s
code of conduct, confidentiality, conflicts of interest, affiliate firewall,
compliance and other relevant policies and procedures are also available from the
‘Code of Conduct’ section of this site.

SOURCE: Fitch Ratings
Fitch Ratings
Jamie Rizzo, CFA, +1-212-908-0548, New York
Mike Simonton, CFA, +1-312-368-3138, Chicago
Media Relations:
Brian Bertsch, +1-212-908-0549, New York

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