http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=687972

Fitch Ratings has published updated recovery analyses for U.S. media and entertainment companies.

Effective Aug. 10, 2012 Fitch Ratings updated its Ratings Definitions, expanding the application of '+/-' to corporate issue ratings at the 'CCC' level and defining a rating action 'Under Review'. The '+/-' designations at the 'CCC' level are limited to instrument ratings and will not be used for Issuer Default Ratings, leaving 'CCC' as the sole issuer rating within the 'CCC' category. The new designations provide greater comparability to debt instruments and recovery ratings in the lower end of the speculative-grade rating scale, and are not intended to reflect any change in Fitch's view of the creditworthiness of the issuers or instruments changed in this rating action.

Media and entertainment companies with issue and recovery ratings affected by the change in the scale include AMC Entertainment Inc., Clear Channel Communications, Inc., The McClatchy Company, and Univision Communications, Inc.

U.S. Media and Entertainment Recovery Models - Second-Quarter 2012

--AMC Entertainment Inc.

--Regal Entertainment Group

--Clear Channel Communications, Inc.

--Clear Channel Worldwide Holdings Inc.

--The McClatchy Company

--Univision Communications, Inc.

The interactive recovery analysis worksheets are available at 'www.fitchratings.com' under the following headers:

Sectors then Corporate Finance then Corporates then Research

Additional information is available 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Recovery Ratings and Notching Criteria for Nonfinancial Corporate Issuers', August 14, 2012;

--'Corporate Rating Methodology', Aug. 08, 2012;

--'Parent and Subsidiary Rating Linkage', Aug. 12, 2011;

--'U.S. Media & Entertainment Sector - Recovery Rating and Notching Methodology', Feb. 16, 2010';

--'Operating Leases: Updated Implications for Lessees' Credit', Aug. 5, 2011;

--'Impact of Receivables Securitization on Debt Recovery Ratings of Highly Leveraged Issuers', May 12, 2011.

Applicable Criteria and Related Research:

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686476

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

Parent and Subsidiary Rating Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685552

U.S. Media & Entertainment Sector -- Recovery Rating and Notching Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=500236

Operating Leases: Updated Implications for Lessees' Credit

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=462222

Impact of Receivables Securitisation on Debt Recovery Ratings of Highly Leveraged Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677743

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